Judging by market reaction and the 20% increase in share price today on the largest one day trading volume
in the company's history, I am assuming this further increase to the placement is pretty much spoken for
already.
Stuhini Exploration Ltd. Announces an Additional Increase of Private Placement to $2,300,000
VANCOUVER, BC, March 6, 2023 /CNW/ - Stuhini Exploration Ltd. (the "Company" or "Stuhini") (TSXV: STU) (OTCPK: STXPF) is pleased to announce that, due to demand from potential investors, its non-brokered private placement announced on February 23, 2023, and upsized on March 2, 2023, has been increased by an additional $400,000 for total aggregate gross proceeds to the Company of up to $2.3 million (the "Private Placement").
The Private Placement will consist of units of the Company ("Units") at a price of $0.40 per Unit. Each Unit will consist of one common share (each a "Common Share") of the Company and one half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant is exercisable into one Common Share at a price of $0.50 per Common Share for a period of two years following the closing of the Private Placement.
The terms of the Private Placement, the proposed use of proceeds and possible finders' fees are otherwise as previously disclosed in the Company's news releases dated February 23, 2023 and March 2, 2023.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange. All securities to be issued pursuant to the Private Placement will have a hold period of four months and one day from the closing of the Private Placement.
The Company also announces the grant of stock options to a consultant of the Company to purchase 100,000 common shares of the Company at $0.50 per share for a term of 3 years, expiring March 6, 2026. The options will vest as to 25% every three months after the date of grant and are subject to the terms of the Company's Stock Option Plan and TSX–V approval.
About Stuhini Exploration Ltd.
Stuhini is a mineral exploration company focused on the exploration and development of precious and base metals properties in western Canada and southwestern USA. The Company's portfolio of exploration properties includes: its flagship, the Ruby Creek Property located approximately 20 km east of Atlin, British Columbia; the Que Project located approximately 70 km north of Johnson's Crossing in the Yukon; the South Thompson Project located approximately 35 km northwest of Grand Rapids, Manitoba; the Big Ledge Property located approximately 57 km south of Revelstoke, British Columbia; and its portfolio of 4 properties in southeast Arizona.
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.
SOURCE Stuhini Exploration Ltd.
For further information: David O'Brien, President & Chief Executive Officer, Stuhini Exploration Ltd.,
Email: dobrien@stuhini.com,
Phone: (604) 835-4019,
Web: www.stuhini.com
Source:
newswire.ca
GLTA ! |
