Petrolympic closes $415,600 private placement offering

Petrolympic Ltd. (TSX.V: PCQ) (OTCQB: PCQRF) announced the closing of a non-brokered private placement that raised gross proceeds of $415,600. The company issued 5,195,000 units at $0.08 per unit.

Each unit consists of one common share and one warrant. The warrants allow holders to purchase additional common shares at $0.18 per share for 24 months from the closing date. The warrants are subject to acceleration if the common shares trade at or above $0.30 for 30 consecutive trading days.

All securities issued are subject to a four-month plus one day hold period from the date of issuance under applicable securities laws.

Petrolympic operates as a junior Canadian gold and lithium mining company with assets in Quebec and Ontario. The company focuses on gold properties in Quebec, including the Rayon d'Or and Belcourt assets, where it has completed drilling campaigns totaling approximately 5,000 linear meters.

The Rayon d'Or-Vauquelin Property is located in the Val d'Or mining district. Historical and company drilling campaigns have produced results including 12.74 g/t Au over 3.96 m, 3.83 g/t Au over 3.08 m and 2.14 g/t Au over 9.10 m.

The Belcourt Property in the Abitibi region has yielded drilling results including 6.96 g/t Au over 2.17 m, 30.00 g/t Au over 0.44 m, and 1.49 g/t Au over 5.4 m.

The company also holds properties in the James Bay area for lithium and the Evangeline Lake property in Ontario for gold exploration.

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