Stratabound Announces $2M Private Placement and Changes to the Board of Directors
Toronto, Ontario--(Newsfile Corp. - December 14, 2020) - Stratabound Minerals Corp. (TSXV: SB) (OTC Pink: SBMIF) ("Stratabound" or the "Company") announces it is undertaking a non-brokered private placement of up to CDN$2,000,000. The Company will issue up to 6,451,613 units at a price of $0.31 per unit. Each unit consists of one common share and one third (1/3) of a warrant. Each whole warrant entitles the holder to purchase one additional common share at $0.45 for a period of two years from the date of closing. The warrant also contains an acceleration clause wherein if the Common Shares trade at $0.55 for 10 days the Company has the right to accelerate the expiration date upon 30 days' notice to the holders. Proceeds will be used for holding costs to maintain the respective exploration properties, acquisitions and for general corporate working capital purposes.
The Company will pay qualified finders fees consisting of 12% in brokers warrants. Any broker warrants issued will be exercisable for one common share at the above-stated Unit price for 18 months from the date of issue.
Changes to Board of Directors
The Company is pleased to announce the appointment of Mr. Hashim Ahmed as Chairman of the Board. Mr. Ahmed has been a Director of Stratabound since December 17, 2019. He is also Chief Financial Officer of Jaguar Mining Inc. and brings over 20 years of experience including expertise in financial management, strategy, corporate turnaround, and capital markets to the Company. Prior to his post at Jaguar, Mr. Ahmed worked with Barrick Gold for over seven years.
Mr. Terrence Byberg has stepped down as Interim Chairman to focus on the growing demands in his continuing role as Stratabound's Executive Vice President, a position he has held since October 2017, as the Company's plans have also considerably continued to grow and develop. Mr. Byberg has served as a Director of several other corporate boards and has considerable international mining experience in Canada, USA, Mexico, Greece, Australia and the Philippines with extensive public company experience in the areas of management, production and operations.
The Board of Directors stated, "We are very grateful to Mr. Byberg for his service as Interim Chairman during a period of significant positive change in the Company's fortunes over the past year, particularly as we have navigated through the COVID 19 pandemic. We are also very pleased that Mr. Ahmed has agreed to accept the position as Chairman in his place. The respect and confidence he commands in the financial communities in Canada and particularly the United States has been key in the recent successes the Company has realized in its market awareness and financing plans."
Mr. Hashim Ahmed, in-coming Chairman of the Board stated, "We have excellent assets with great potential and a fine team here at Stratabound to develop them. I look forward to working with the Board, the management team and our investors as Chairman of Stratabound in unlocking the full value of our North American assets, taking advantage of our team strengths in seeking every opportunity to build shareholder value beyond early stage exploration, and developing the Company towards production decisions and beyond."
About Stratabound Minerals Corp.
Stratabound Minerals Corp. is a Canadian exploration and development company focused on gold exploration at its flagship Golden Culvert Project, Yukon Territory and its new McIntyre Brook Project, New Brunswick, Canada. The Company also holds a significant land position that hosts three base metals deposits in the Bathurst base metals camp of New Brunswick featuring the Captain Copper-Cobalt-Gold Deposit that hosts an NI 43-101 Measured and Indicated Resource.
For more information please visit the company's website at www.stratabound.ca.
For further information contact: R. Kim Tyler, President and CEO 416-915-4157 info@stratabound.com www.stratabound.ca
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