VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATIONIN THE U.S.
Pinestar Gold Inc. (the "Company") (TSX VENTURE:PNS) wishesto announce that due to oversubscription in the private placement it intends toincrease the size of its private placement of units (the "Financing") announcedin the Company's news releases dated March 10 and March 14, 2011. The Companywill now issue up to 8,608,695 units (each a "Unit") at a price of Cdn
.23 perUnit, to raise aggregate gross proceeds of up to Cdn$1,980,000.
Each Unit will be comprised of one common share of the Company and one-halfof one warrant (each whole warrant a "Warrant"). Each whole Warrant will allowthe holder thereof to acquire one additional common share of the Company at anexercise price of Cdn
.33 per share for a period of 18 months.
Proceeds of the Offering will be used to fund the exploration and developmentof the Company's Becker property, located in Chile, and for general corporatepurposes.
Completion of the Financing is subject to the receipt of all necessaryregulatory approvals, including the approval of the TSX Venture Exchange. Allsecurities issued in the Financing will be subject to a hold period underapplicable securities laws expiring four months and one day followingissuance.
The securities offered in the Financing have not been and will not beregistered under the U.S. Securities Act, as amended, or any state securitieslaws, and may not be offered or sold in the United States absent registration oran applicable exemption from such registration requirements. This press releaseshall not constitute an offer to sell or the solicitation of an offer to buy thesecurities in the United States or in any jurisdiction in which such offer, saleor solicitation would be unlawful.
ON BEHALF OF THE BOARD
PINESTAR GOLD INC.
Jeremy Ford, President, Chief Executive Officerand director
FORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning ofapplicable Canadian securities legislation. Forward-looking statements include,but are not limited to, statements that address activities, events ordevelopments that the Company expects or anticipates will or may occur in thefuture, including such things as the whole or partial closing of the Financing,the future expenditures of the proceeds raised in the Financing, future mineralexploration activities, future business strategy, competitive strengths, goals,expansion, growth of the Company's businesses, operations, plans and withrespect to exploration results, the timing and success of exploration activitiesgenerally, permitting time lines, government regulation of exploration andmining operations, environmental risks, title disputes or claims, limitations oninsurance coverage, timing and possible outcome of any pending litigation andtiming and results of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by theuse of words such as "plans", "planning", "planned", "expects" or "lookingforward", "does not expect", "continues", "scheduled", "estimates", "forecasts","intends", "potential", "anticipates", "does not anticipate", or "belief", ordescribes a "goal", or variation of such words and phrases or state that certainactions, events or results "may", "could", "would", "might" or "will" be taken,occur or be achieved.
Forward-looking statements are based on a number of material factors andassumptions, including the receipt of necessary regulatory approvals, investorinterest in the Financing, that counterparties to material agreements will dulyperform their obligations thereunder, the results of drilling and explorationactivities, that contracted parties provide goods and/or services on the agreedtimeframes, that equipment necessary for exploration is available as scheduledand does not incur unforeseen break downs, that no labour shortages or delaysare incurred, that plant and equipment function as specified, that no unusualgeological or technical problems occur, and that laboratory and other relatedservices are available and perform as contracted. Forward-looking statementsinvolve known and unknown risks, future events, conditions, uncertainties andother factors which may cause the actual results, performance or achievements tobe materially different from any future results, prediction, projection,forecast, performance or achievements expressed or implied by theforward-looking statements. Such factors include, among others, theinterpretation and actual results of current exploration activities; changes inproject parameters as plans continue to be refined; future prices of minerals;possible variations in grade or recovery rates; failure of equipment orprocesses to operate as anticipated; the failure of contracted parties toperform; labour disputes and other risks of the mining industry; delays inobtaining governmental approvals or financing or in the completion ofexploration, as well as those factors disclosed in the company's publicly fileddocuments. Although the Company has attempted to identify important factors thatcould cause actual actions, events or results to differ materially from thosedescribed in forward-looking statements, there may be other factors that causeactions, events or results not to be as anticipated, estimated or intended.There can be no assurance that forward-looking statements will prove to beaccurate, as actual results and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not place unduereliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as thatterm is defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.