Vancouver, British Columbia, May 19, 2020: Pinecrest Resources Ltd. is pleased to announce that she intends to conduct a non-brokered private placement of up to 15,000,000 common shares of the Company at a price of $0.20 per share for gross proceeds of up to $3,000,000. Currently, Pinecrest shares are $0.18 per share at the close of May 26, 2020 (TSX.V: PCR $0.18). The proceeds of the Private Placement will be used to advance the exploration and development of the Company’s 100% owned Enchi Gold Project in Ghana and for general corporate purposes.
Pinecrest currently has 64.3 million shares issued and outstanding with the Board and Management owning a 40% equity interest and Kinross Gold Corporation owning an approximate 17% equity interest.
All shares issued pursuant to the Private Placement will be subject to a hold period expiring four months and a day following the date of issue. A finder’s fee may be payable on a portion of the financing. The Private Placement is subject to receipt of all required approvals, including the approval of the TSX Venture Exchange, as well as the execution of formal documentation. The Private Placement is scheduled to close on or before June 17, 2020. Upon closing of the Private Placement, Pinecrest will have approximately 79.3 million shares issued and outstanding.
Pinecrest Resources Ltd. is a British Columbia corporation that is based in Vancouver, B.C. The Company engages principally in the acquisition, advancement, and development of precious metal properties and is advancing and developing the Enchi gold project located in
South West Ghana. Major shareholders of the Company include Kinross Gold Corporation and
management. This information is not for the news media in the United States. The document, sighted by the Accra Mining Network, categorically states that, it is not for distribution to the United States newswire services or dissemination in the United States.
In accordance with the new industry standard regulation SK 1300, Pinecrest cautioned that this news release contains forward-looking statements. AMN is hopeful, this venture will translate into employment and local, social development.