Stratabound Announces Closing of Private Placement
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TORONTO, April 17, 2018 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSXV:SB) (“Stratabound” or “the Company”) is pleased to announce that it has closed the final tranche of the non-brokered private placement offering (the “Private Placement”) which was first announced on February 20, 2018 and the first tranche closing was announced on March 28, 2018.
Altogether, the Company has issued 5,623,990 units (the “Units”) at a price of $0.055 per Unit for gross proceeds of $309,319. Each Unit consists of one common share of the Company and one-half of one transferable share purchase warrant (a “Warrant”). Each Warrant will be exercisable for one common share at $0.08 for 24 months from the date of issue. The Company’s largest shareholder has subscribed for the lead order of the Private Placement.
Management and directors of the Company also participated in the Private Placement, subscribing for 1,393,636 units for a total of $76,650. After these purchases, management and directors now hold 16.1% of the Company’s 172,849,301 outstanding shares (fully diluted 198,928,372). Coupled with the holdings of our major long-term shareholders, approximately 65% of the Company’s shares are closely held.
All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day in accordance with applicable securities legislation. Fees of $4,929.50 and 86,100 non-transferable finder warrants (exercisable for one common share at $0.055 for 18 months from the date of issue) were paid in respect of the first tranche of the Private Placement. A total of 1,230,000 Units were purchased under the existing shareholder exemption. As previously mentioned, the funds raised in the Private Placement are being used for the Golden Culvert and Little Hyland option acquisition and for general working capital purposes.
Kim Tyler, Stratabound’s president and CEO, commented, “We are pleased to have closed the Private Placement, and we continue to receive strong interest in the Company and the Golden Culvert project. Our management and directors have participated in the Private Placement, demonstrating their continued commitment to the project and the Company. We are eager to get our exploration team on the ground at Golden Culvert in May, and to start our exploration program. We have exceptional showings and soil geochemistry that demonstrate we have above-average opportunities to discover a major new gold deposit.”
About the Golden Culvert and Little Hyland Properties
Golden Culvert and Little Hyland cover 83.8 square kilometres across a 24-kilometre strike located approximately 20 kilometres northeast of and parallel to Golden Predator Mining Corp.’s 3 Aces property. Work filed in Yukon mineral claims assessment reports has outlined a northerly trending, 3 kilometre by 250 metre, +30 ppb Au up to 791 ppb Au gold-in-soil anomaly that remains open at both ends. The soil anomaly is centred around partially exposed primary gold-bearing quartz veins grading between 7.7 to 22.8 gpt gold over 1 metre and complimentary gold-bearing quartz vein stockwork within a larger silicified, altered, sulphide and gold-bearing wallrock grading up to 2.27 gpt gold over 0.5 metre.
To date a total of $564,400 of work has been done on the Property, including 3,645 soil samples, 48 stream samples, 239 rock samples, 19.4 line-km of ground magnetic survey and 18.5 line-km of VLF survey.
About Stratabound
Stratabound Minerals Corp. is a Canadian exploration and development company focused on the Yukon Territory and to a lesser extent the Bathurst Mining Camp in New Brunswick. Stratabound management has a diversified track record of exploration, development and operating successes that will facilitate the development of the Company’s exploration projects.
For further information, please see the Golden Culvert presentation and the NI 43-101 technical report on the Stratabound web site, www.stratabound.com.
For further information contact:
R. Kim Tyler, President and CEO
416-915-4157
info@stratabound.com
www.stratabound.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
WARNING: The Company relies upon litigation protection for “forward looking” statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, failure to obtain regulatory, exchange or shareholder approval, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.