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TORONTO, ONTARIO--(Marketwired - May 1, 2014) - Pele Mountain Resources Inc. (TSX VENTURE:GEM)(OTCQX:GOLDF) ("Pele" or the "Company") is pleased to announce that it has closed the first tranche of a non-brokered private placement offering (the "Offering") comprised of 2,334,838 flow-through units (the "FT Units") at a purchase price of $0.07 per FT Unit for aggregate gross proceeds of $163,438.66 and 4,559,562 units (the "Units") at a price of $0.06 each for aggregate gross proceeds of $273,573.72. The total amount raised under the first tranche of the Offering was $437,012.38. 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 $0.12 until May 1, 2015. Each Unit consists of one common share and one-half of one common share purchase warrant (a "Warrant"), with each Warrant exercisable to acquire one common share of Pele at $0.12 until November 1, 2015. |
