Forty Pillars Mining Corp. Revises Terms of Previously Announced Non-Brokered Private Placement
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Forty Pillars Mining Corp. Revises Terms of Previously Announced Non-Brokered Private Placement
Vancouver, B.C. – May 29, 2024 ‐ Forty Pillars Mining Corp. (CSE: PLLR) (the “Company” or “Forty Pillars”) announces, further to its news release dated March 13, 2024, that it has amended the terms of its non-brokered private placement, reducing the price from $0.10 per common share to $0.05 per unit. The amended non-brokered private placement offering now consists of up to 5,500,000 units (the “Units”) of the Company at a price of $0.05 per Unit for gross proceeds of up to $275,000 (the “Offering”).
Each Unit will be comprised of one common share and one transferrable common share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to acquire an additional common share at a price of $0.065 per common share for a period of five years from the closing of the Offering.
The Company may pay finder’s fees to eligible finders in connection with the Offering.
The proceeds raised from the Offering are expected to be used for working capital and general corporate purposes. All securities to be issued under the Offering will be subject to a four month and one day hold period in accordance with applicable Canadian securities laws.
The Company also announces that it is no longer proceeding with the Element 92 Uranium Project located in northern Saskatchewan, Canada, and that the Company chose not to continue with these mineral claims upon expiry. The Company will focus its efforts on exploring the Silver Dollar Project located in the Greenwood Mining Division, B.C.
About Forty Pillars
Forty Pillars Mining Corp. is a Vancouver, B.C. based mineral exploration company focused on exploring the Silver Dollar Project located in the Greenwood Mining Division, B.C.
FOR FURTHER INFORMATION CONTACT:
Nader Vatanchi Chief Executive Officer
p: 778-881-4631
Neither the Canadian Securities Exchange nor its Market Regulator (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to: the Company completing the Offering; the size of the Offering, the intended use of funds, and the Company’s focus on the Silver Dollar Project. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “anticipates”, “anticipated” “expected” “intends” “will” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are from those expressed or implied by such forward-looking statements or forward-looking information subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different, including receipt of all necessary regulatory approvals. Although management of the Company have attempted to identify important factors that could cause actual results to differ materially from those contained in forward- looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.