OTCQB Symbol: PMCCF Private Placement and Lithium Exploration Update London, Ontario – Peloton Minerals Corporation (“ Peloton” or the “Company”) (CSE Symbol: PMC; OTCQB Symbol: PMCCF) is pleased to announce it has closed a private
PELOTON MINERALS CORPORATION
NEWS RELEASE
December 22, 2023 CSE SYMBOL: PMC
OTCQB Symbol: PMCCF
Private Placement and Lithium Exploration Update
London, Ontario – Peloton Minerals Corporation (“ Peloton” or the “Company”) (CSE
Symbol: PMC; OTCQB Symbol: PMCCF) is pleased to announce it has closed a private
placement financing of CDN$173,205.00 (the “ Private Placement ”), consisting of 1,924,500
units priced at CDN$0.09 per unit. Each unit consists of one common share and one common share
purchase warrant exercisable for three years at $0.12.
Peloton is advancing its North Elko Lithium Project having recently completed, this month, a field
sampling program. The sampling program targeted outcrop areas of particular clays known to host
high-grade lithium on two neighboring projects. The clay outcrops were identified using Company
hyperspectral data over an area of 100 square kilometers. The results of this data analysis prompted
Peloton to increase its property in the area fourfold to 408 mining claims covering 8,160 acres
(3,300 hectares). Next step s for Q1 2024, a ssuming encouraging results from the sampling
program, are to begin shallow drilling of the sampled areas to explore the clay layers at depth, and
to submit for assay its historic geochemistry pulps to determine the level of lithium in soil. The
company is very pleased with the number high -grade lithium -in-clay discoveries made by its
immediate neighbors in 2023 and will continue devoting Company resources to explore for lithium
on its North Elko Lithium Project in 2024.
The Private Placement was subject to a finder’s fee payable to IBK Capital Corp. The finder’s fee
consisted of $13,856.40 in cash and 192,450 brokers warrants with each broker warrant exercisable
at $0.09 within five years to purchase additional private placement units consisting of one common
share and one common share purchase warrant exercisable for five years at $0.12.
The Private Placement w as conducted in reliance upon certain prospectus exemptions, including
the exemption allowing issuers to raise capital by distributing securities to existing shareholders
(the “Existing Shareholder Exemption”) contained in OSC Rule 45 -501 (2.9) and the various
corresponding blanket orders and rules of participating jurisdictions (with the exception of
Newfoundland and Labrador) as well as other available prospectus exemptions, including sales to
accredited investors. The Company set October 9, 2023 as the record date for the purpose of
determining existing shareholders entitled to purchase Shares pursuant to the Existing Shareholder
Exemption. The proceeds of the Private Placement will be used for working capital. Subscriptions
were accepted in whole or in part at the discretion of the Company on a first come, first served
basis.
The securities issued in connection with the Private Placement are subject to a hold period expiring
four months and one day from the issuance of the securities.
For further information please contact:
Edward (Ted) Ellwood, MBA
President & CEO 1-519-964-2836
Richard C. Capps, PhD, is the qualified person responsible for approving the technical information
contained within this release.
Peloton Minerals Corporation is a reporting issuer in good standing in the Provinces of British
Columbia and Ontario whose common shares are listed on the CSE (Symbol: PMC) and trade in
the U.S. on the OTC QB (Symbol: PMCCF) . There are 1 25,023,958 common shares issued and
outstanding in the capital of the Company after the closing of the placement described above.
Peloton’s exploration portfolio includes the North Elko Lithium Project, a gold exploration project
on the Carlin Trend, Nevada, a past producing gold project in Montana under option to a JV
partner, and a non-controlling interest in a copper porphyry project near Butte, Montana.
CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this
release.
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws)
and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995).
Such statements or info rmation are identified with words such as "anticipate", "believe", "expect", "plan", "intend",
"potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or
statements regarding an outlook.
Although the Company believes that the expectations reflected in the forward -looking information or statements are
reasonable, prospective investors in the Company’s securities should not place undue reliance on forward -looking
statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-
looking information and statements contained in this news release are as of the date of this news release and the
Company assumes no obligation to update or revise this forward-looking information and statements except as required
by law.