Forty Pillars Closes First Tranche of Flow-Through Private Placement
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Forty Pillars Closes First Tranche of Flow-Through Private Placement
Vancouver, British Columbia – December 26, 2024 – Forty Pillars Mining Corp. (“Forty” or
the “Company”) (CSE: PLLR), a North American mineral acquisition and exploration company,
announces it has closed the first tranche of its previously announced non-brokered private
placement (the “Offering”). Under the first tranche, the Company issued 1,818,182 flow-through
common shares (each a “FT Share”) at $0.11 per FT Share for gross proceeds of $200,000.
The FT Shares will qualify as “flow -through shares” within the meaning of the Income Tax Act
(Canada) (the “Tax Act”) and the Taxation Act (Québec) (the “Quebec Tax Act”).
The gross proceeds received by the Company from the first tranche of the Offering will be used
to incur “Canadian exploration expenses” (the “Qualifying Expenditures”) on the Val D’Or North
property in Quebec that qualify as “flow-through critical mineral mining expenditure s” within the
meaning of the Tax Act. The Company will renounce the Qualifying Expenditures so incurred to
the purchasers of the FT Shares with an effective date of no later than December 31, 2024 . In
addition, with respect to Quebec resident subscribers of FT Shares and who are eligible
individuals under the Quebec Tax Act, the Canadian exploration expenses will also qualify for
inclusion in the "exploration base relating to certain Quebec exploration expenses" within the
meaning of section 726.4.10 of the Quebec Tax Act and for inclusion in the "exploration base
relating to certain Quebec surface mining expenses or oil and gas exploration expenses" within
the meaning of section 726.4.17.2 of the Quebec Tax Act.
In connection with the first tranche of the Offering, the Company paid finder's fees of $12,000 and
issued 109,091 finder warrants to an eligible arm's -length finder. The finder warrants are
exercisable into a common share at $0.11 per share until December 24, 2026.
All securities issued pursuant to the Offering will be subject to a four month hold period expiring
April 25, 2025 in accordance with applicable Canadian securities laws and the policies of the
Canadian Securities Exchange.
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. The Company
also has an option to acquire a 100% interest in the Val-d’Or North property in the Abitibi sub -
province of Quebec.
FOR FURTHER INFORMATION CONTACT:
Nader Vatanchi
Chief Executive Officer
p: 778-881-4631
The Canadian Securities Exchange has not approved or disapproved this news release.
This news release may contain statements which constitute “forward ‐looking information”. The
words “may”, “potential”, “should”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”,
“estimate”, “expect”, and similar expressions, are intended to identify such forward ‐looking
statements. Such statements include, without limitation, statements regarding use of proceeds
from the Offering. Investors are cautioned that any such forward ‐looking statements are not
guarantees of future business activities and involve risks and uncertainties, and that the
Company’s future business activities may differ materially from those in the forward ‐looking
statements. There can be no assurances that such information will prove accurate and, therefore,
readers are advised to rely on their own evaluation of such uncertainties. The Company does not
assume any obligation to update any forward -looking information except as required under the
applicable securities laws.
The securities offered have not been and will not be registered under the United States Securities
Act of 1933, as amended, and may not be offered or sold in the United States absent registration
or applicable exemption from the registration requirements.