Piedmont Mining Company Closes US$905,000 Private Placement.RENO Reno (rē`nō), city (1990 pop. 133,850), seat of Washoe co., W Nev., on the Truckee River; inc. 1903. Tourism has been the major industry since gambling was legalized in Nevada in 1931. , Nev. -- Piedmont Piedmont, region, Italy Piedmont (pēd`mŏnt), Ital. Piemonte, region (1991 pop. 4,302,565), 9,807 sq mi (25,400 sq km), NW Italy, bordering on France in the west and on Switzerland in the north. Mining Company, Inc. (Pink Sheets: PIED) today announced that it has closed a US$905,000 private placement. This funding was arranged and managed by IBK IBK see infectious bovine keratoconjunctivitis. Capital Corp. of Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , Ontario. It was priced at US$0.15 per Unit, with each Unit consisting of one share of Common Stock and one half of a two-year Warrant. Each two year Warrant is exercisable at US$0.26 per share. In addition, IBK has been granted a two-year warrant to purchase 603,333 shares of Piedmont's Common Stock at 15 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . Net of commissions, the Company has received US$854,600 from this private placement. These funds will be used to pursue the Company's exploration program in Nevada and for working capital purposes. The Company plans to register as a reporting company with the U.S. Securities and Exchange Commission sometime this summer. The audit of the Company's financial statements is currently underway. Piedmont is a development-stage company with minimal revenues, limited assets and an $11,500,000 tax-loss carryforward carryforward 1. A business operating loss that, for tax purposes, may be claimed a certain number of years in the future, often up to 15 years. . Its Common Stock is traded in the US electronic pink sheets under the symbol: PIED. With the closing of this private placement, Piedmont now has 52,218,039 shares of Common Stock outstanding, of which 24,421,100 shares were held in street name on March 31, 2006. Certain statements contained herein are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. and accordingly involve risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events of performance, and underlying assumptions and other statements that are other than statements of historic facts. The forward-looking statements contained herein are based on various assumptions including, but not limited to, an assumption that the Company will be able to raise sufficient capital to execute on its business plan. The Company's expectations, beliefs and projections are expressed in good faith and are believed by the Company to have a reasonable basis, but there can be no assurance that management's expectations, beliefs or projections will be achieved or accomplished. |
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