Forty Pillars closes $1.5m Private Placement
FORTY PILLARS CLOSES $1.5M PRIVATE PLACEMENT
October 28, 2021 - Vancouver, British Columbia - Forty Pillars Mining Corp. (CSE:PLLR)
(“Forty Pillars'' or the "Company") announces that further to its news release dated October 6,
2021, the Company has closed its $0.10 per unit private placement for gross proceeds of
$1,500,000. The Company issued 15,000,000 units, each unit comprised of one common share
and one share purchase warrant of the Company. Each warrant will entitle the holder to purchase
one additional share at a price of 12 cents for a 36-month period after the closing date. Proceeds
raised from the offering will be used to finance the purchase of the Wishbone project and general
working capital purposes.
In addition to the usual securities law hold period of four months, all securities issued under the
offering, including securities issuable on the exercise thereof, will bear time-based contractual
restrictions on transfer and become free trading in four equal amounts at six months, 12 months,
18 months and 24 months accordingly.
Certain directors of the Company participated in the private placement, as well as Origen Re-
sources Inc. (“Origen”), a 10-per-cent-plus shareholder of the Company. This makes the private
placement a related-party transaction and subject to Multilateral Instrument 61-101 Protection of
Minority Securityholders in Special Transactions. Because the Company's shares trade only on the
Canadian Securities Exchange, the issuance of securities is exempt from the formal valuation re-
quirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(1)(b) of MI 61-101 and exempt
from the minority shareholder approval requirements under Subsection 5.7(1)(b) of MI 61-101 as
the participation amount from each insider will be under the threshold of $2.5-million.
Origen has advised Forty Pillars that it will be filing an early warning report in respect of the
acquisition of 10,000,000 common shares and 10,000,000 warrants under the private placement.
As a result of the acquisition of these securities under the private placement, Origen owns and
controls 12,594,072 common shares and 10,000,000 warrants which represents approximately
43.5% of the 28,985,174 issued and outstanding common shares of Forty Pillars. The shares and
warrants were acquired for investment purposes only. The early warning report will be filed under
Forty Pillar’s SEDAR profile.
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.
For more information, please contact:
Nader Vatanchi, CEO
778-881-4631
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release may
constitute "forward-looking information" within the meaning of Canadian securities legislation.
In making the forward-looking statements in this release, the Company has applied certain fac-
tors and assumptions that the Company believes are reasonable. However, the forward-looking
statements in this release, including without limitation, statements pertaining to the Company’s
exploration programs, the Company’s mineral property development plans and the use of funds
raised in the Private Placement, are subject to numerous risks, uncertainties and other factors that
may cause future results to differ materially from those expressed or implied in such forward-
looking statements. Such uncertainties and risks include, without limitation, financing risks, de-
lays in obtaining or inability to obtain required regulatory approvals, legislative, environmental
and other judicial, regulatory, political or competitive developments, exploration and operational
difficulties, the timing of future business expenditures, the potential of the Company’s mineral
properties and changes in economic conditions or financial markets. There can be no assurance
that such statements will prove to be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Readers are cautioned not to place undue
reliance on forward-looking statements. The Company does not intend, and expressly disclaims
any intention or obligation to, update or revise any forward-looking statements whether as a re-
sult of new information, future events or otherwise, except as required by law.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this
press release.