Stratabound Minerals Corp. Closes First Tranche of Non-Brokered Private Placements
Toronto, October 26, 2021 - Stratabound Minerals Corp. (TSXV:SB) (OTCQB:SBMIF) ("Stratabound" or the "Company") announced the closing on October 26, 2021, of the first tranche of $171,179.76 (1,426,498 units) of its non-brokered private placement ("Private Placement") announced on October 18, 2021. Each unit consists of one common share and one half of a warrant. Each whole warrant entitles the holder to purchase one additional common share at $0.25 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 $0.40 for 10 days the Company has the right to accelerate the expiration date upon 30 days' notice.
Securities issued pursuant to this tranche are subject to trading restrictions until February 27, 2022.
An insider of the Company subscribed for an aggregate of 50,063 common shares of the Company. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101 in respect of such insider participation.
Proceeds will be used for exploration expenses to maintain the respective exploration properties and for general corporate working capital purposes.
The Company also announced it has completed the first tranche of $361,200.08 (3,010,001 units) of its non-brokered Flow Through Unit private placement. Each Flow-Through Unit is comprised of one common share and one-half of a warrant and is issued on a flow through basis for Canadian tax purposes. One whole warrant will entitle the holder thereof to purchase one non flow-through common share at $0.25 for a period of 1 year from the date of issue. The warrant also contains an acceleration clause wherein if the common shares trade at $0.35 for 10 days the Company has the right to accelerate the expiration date upon 30 days' notice.
Securities issued pursuant to this tranche are subject to trading restrictions until February 27, 2022.
Two insiders of the Company subscribed for an aggregate of 192,000 common shares of the Company. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101 in respect of such insider participation.
Proceeds will be used for qualifying exploration expenditures on the Company's Canadian exploration properties.
About Stratabound Minerals Corp.
Stratabound Minerals Corp. is a Canadian mineral development company developing its advanced-stage Fremont Gold Project in the Mother Lode Gold Belt of California. The Project features an NI 43- 101 Mineral Resource estimate of 526k oz's at an average grade of 1.60 g/t Au in the Indicated plus 452k oz's at an average grade of 1.29 g/t Au in the Inferred Mineral Resource categories respectively encompassing two historic high-grade U/G gold mines. It also hosts 3 undeveloped gold occurrences across 4-km of strike along the prolific Mother Lode Gold Belt. The Company is also advancing its other early-stage gold projects; the Golden Culvert, YT, McIntyre Brook, NB, and Dingman, ON, as well as a significant land position hosting three base metals deposits in the Bathurst base metals camp of New Brunswick featuring the Captain Copper-Cobalt-Gold Deposit.
Mr. R. Kim Tyler, P.Geo., President and CEO of Stratabound, and a "Qualified Person" for the purpose of NI 43-101, has reviewed and approved the contents and technical information of this news release.
For more information, please visit the company's website at www.stratabound.ca or contact: R. Kim Tyler, President and CEO 416-915-4157 info@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.
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/100971