|By Marketwired .||
|December 27, 2013 04:05 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 12/27/13 -- Pele Mountain Resources Inc. (TSX VENTURE: GEM)(OTCQX: GOLDF) ("Pele" or the "Company") is pleased to announce that it has closed a non-brokered private placement offering (the "Offering") comprised of 225,000 flow-through units (the "FT Units") at a purchase price of $0.07 per FT Unit for aggregate gross proceeds of $15,750. Each FT Unit consists of one common share and one-half of one common share purchase warrant (a "FT Warrant"), with each whole FT Warrant exercisable to acquire one common share of Pele at $0.15 until December 27, 2014. The sole purchaser of the FT Units pursuant to the Offering is a director of the Company.
The securities issued pursuant to the Offering will be subject to a four (4) month statutory hold period commencing from the date of issuance. The Offering is subject to TSX Venture Exchange acceptance of requisite regulatory filings.
All proceeds raised from the sale of FT Units will be used by Pele to finance qualified Canadian exploration expenditures on its Canadian resource properties.
Pele Mountain Resources is focused on the sustainable development of its 100-percent owned Eco Ridge Mine Rare Earth and Uranium Project. Eco Ridge is located in Elliot Lake, the former "uranium mining capital of the world" and the only Canadian mining camp to have ever achieved commercial rare earth production. Elliot Lake was historically the major source of heavy rare earth production in North America. With well-understood geology and mineralogy, excellent regional infrastructure, and strong local support, Eco Ridge is an ideal location for the development of a safe, secure, and reliable long-term supply of uranium, critical rare earths and scandium. Pele's shares are listed on the TSX Venture Exchange under the symbol "GEM" and on the OTCQX under the symbol "GOLDF".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Common Shares Outstanding: 165,529,198
Pele Mountain Resources Inc.