Stratabound Minerals Corp. Announces Closing of $1,590,000 Flow-Through Unit Financing
Toronto, October 8, 2020 - Stratabound Minerals Corp. (TSXV: SB) ("Stratabound" or the "Company") announced that it has closed the final tranche of its non-brokered Flow-Through Unit Private placement (the "Financing"). In the first tranche the Company raised proceeds of $115,000 through the sale of 460,000 Units. In the second tranche the Company raised proceeds of $240,000 through the sale of 960,000 Units. In the third and final tranche the Company raised proceeds of $1,235,000. The Company paid finders fees on the final tranche to qualified finders of $61,750 and issued 247,000 broker warrants, exercisable at $0.24 for a period of 18 months. The Company raised a total of $1,590,000.
Pursuant to the terms of the Financing, each Flow-Through Unit is comprised of one common share and one-half of a warrant. One whole warrant will entitle the holder thereof to purchase one non flow-through common share at $0.35 for a period of 2 years from the date of issue. The warrant also contains an acceleration clause wherein if the Common Shares trade at $0.45 for 10 days the Company has the right to accelerate the expiration date upon 30 days' notice to the holders.
Securities issued pursuant to the final tranche are subject to trading restrictions until February 9, 2021.
Proceeds will be used for qualifying exploration expenditures of the Company in relation to the Golden Culvert and Little Hyland properties in the Yukon Territory, and the McIntyre Brook and Captain properties in New Brunswick.
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.com.
For further information contact: R. Kim Tyler, President and CEO 416-915-4157 info@stratabound.com
Not for distribution to U.S. newswire services for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U. S. securities law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/65523