Point Loma Resources Ltd. (TSXV:PLX) announced that it has entered into an agreement for a private placement for aggregate gross proceeds of up to CAD 1,500,000 with Mackie Research Capital Corporation on September 10, 2019. The transaction will include participation from management team and members of board of directors of the company. The company will issue 4,347,826 units at CAD 0.115 per unit for gross proceeds of CAD 500,000 and 8,000,000 flow-through units at CAD 0.125 per flow-through unit for gross proceeds of CAD 1,000,000. Each unit consists of one common share and one warrant. Each flow through unit consists of one flow-through common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of CAD 0.155 per share for a period of 36 months from the date of closing. The company has granted an over-allotment option to purchase up to an additional 15% of the flow-through units and units sold which are exercisable at any time 48 hours prior to the closing date. The transaction is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of TSX Venture Exchange. The transaction is expected to close on or about September 30, 2019.