| From: pstad60 | 2/16/2023 4:20:55 PM | | | | | | 4 Key Factors Driving Perfect Storm in Molybdenum Markets
As of close Feb 16, 2023
Current Spot Price for Moly remains at US$40.82/lb as it has since Feb 1
dailymetalprice.com
Current 1 month moly contract ... US$37.23 / lb
2 - 15 month moly contracts ....... US$36.18 / lb
lme.com
____________________________________________________________
4 key factors driving the ‘perfect storm’ in molybdenum markets
Featuring
Michael Greenfield Benjamin Steven
Commodity Metals
Recent volatility has generated record highs in global molybdenum markets, with both acute
and fundamental factors operating to drive prices beyond the expectations of market participants.
Ferromolybdenum prices surged 18% Jan. 30, up $15/kg on the day, a record high since Platts
started publishing the price in February 1987 – 36 years ago. The Platts Ferromolybdenum 65%
European in-warehouse Rotterdam price moved up to $99/kg-$104/kg Jan. 30, from $85/kg-$88/kg
the previous day. Platts is part of S&P Global Commodity Insights.
This is the most recent in a series of price spikes, where the market moved sharply on day-on-day,
but molybdenum market participants are uncertain about the factors driving volatility.
European prices did not immediately correct, surging higher to $103/kg-$105.55/kg Jan. 31 and
staying above $100/kg until Feb. 6 when it was assessed at $98.5/kg-$99/kg.
Molybdenum oxide global vs Ferromolybdenum EU prices 2022-23
The last time European ferromolybdenum prices hit triple figures was May 26, 2005, when it was
assessed at $97/kg-$101/kg. The price rise was attributed to a supply contraction due to the closure
of mines in Huludao in China following a fatal industrial accident. The supply issue was accentuated
by a roasting capacity bottleneck outside of China.
This time, however, there has been no comparable black swan event, with end-consuming
industries supporting market fundamentals.
FeMo premium basis oxide and conversion costs 2022-23
Even on generous conversion calculations given rising energy prices and disruptions to supply
chains in 2022, recent ferromolybdenum prices have traded at a large premium to their theoretical
value to the oxide input, with multiple factors at play to drive prices to record highs.
So how did we get here?
Demand volatility
Demand for moly-bearing carbon steel from the offshore drilling sector has stayed strong, as
offshore drilling activity has remained high due to elevated oil prices.
In the US, prices for oil country tubular goods have softened only because of seasonality. Winter
usually results in reduced drilling rig counts in the Gulf of Mexico, and there is widespread belief
in the OCTG market that rig counts may recover quickly in the spring.
However, not everyone is seeing demand positively. Some European stainless steel producer
sources said their consumption remains down 30% against pre-COVID 19 levels.
More generally, market participants described how poor demand toward the end of 2022
restricted settlements of long-term contracts with producers, forcing consumers to the spot
market in December and the first quarter to cover better-than-expected demand through the
new year.
"At the end of last year we were pessimistic due to the energy crisis and the risk of recession,
" a mining source said. "Many consumer did not commit volumes on yearly contracts and they
went to spot. You see people asking for more material, but it is not there. Production-wise, the
molybdenum market is struggling."
This was compounded by issues with materials being released from one trader on Jan. 30 – the
day of the unprecedented price rise.
A warehousing company restricted the release of this material, meaning customers could not
access around 200 mt to 300 mt of their already-purchased units. These customers then flocked
to the spot market with deadline-based demand. A correlative 300mt traded on Jan. 30 and
captured by the Platts pricing team during the time of this blockage. This was layered on top
of an already-tight market.
Molybdenum oxide spot market liquidity
Supply deficits
There have been four price spikes of $4/kg or more in a single trading day since October 2022, with
the market describing this period of historic high prices as "a perfect storm".
Some observers believe the current market has been years in the making. The major primary
molybdenum mines have remained idled since around 2015, contributing to shortages.
In addition, no significant secondary molybdenum production from primary copper mining has
come online since Las Bambas began producing in early 2016. There are no new mines in any
advanced state of planning or permitting, let alone under construction – and the supply deficit is
unlikely to get resolved in the near- to medium-term.
Disruptions at key mines
Civil unrest in Peru have forced some mines to suspend operations. Peru has been experiencing
unrest since the former president Pedro Castillo Terrones was impeached and removed from office
in December 2022.
The Las Bambas shutdown followed the suspension of production at Glencore's Antapaccay copper
mine in Peru Jan. 20, after protestors damaged vehicles and set fire to a workers' building in the
mine's camp.
"We are watching the situation in Peru and the civil unrest, which I believe is might not improve for
even the entire year," a molybdenum miner said.
Some sources believe the Las Bambas could have a greater impact than previously seen,
because previous protests have enabled the mine to continue operating and stockpile concentrate.
This time, the mine has stopped producing. Others are muted about the effect given Las Bambas
has witnessed multiple issues in its short operational life.
Production issues in Europe
Issues with European production have further squeezed supply chains.
Climax Molybdenum in Rotterdam, a subsidiary of Freeport-McMoRan, had a brief unplanned
roaster shutdown in December 2022. The company said this has been resolved.
"The lack of metallurgical feed delayed some deliveries to metallurgical customers.
We are rebuilding inventory levels for both metallurgical and chemical production,"
Freeport-McMoRan spokesperson Linday Hayes said.
Reduced availability in Rotterdam inflated achievable prices for traders, especially given the
short covering that has characterized the market in recent months.
"We are offering over the top of the range as we don't have any material. If we have no material,
then other market participants will have only one truck," one European trader said.
"We have nothing prompt until mid-February. Our first sales for January deliveries already
ettled in December and when prices are shooting up, the consumers buy in, so there was a
lot of opportunity to sell the first half of February."
The trader alluded to the logistical issues in Rotterdam in recent weeks.
"If one trader is under embargo and the market is short five to seven containers, that means the
market is shooting up $15 kg on a small number of lots," the source said. "This shows how tight
the market is."
This tightness is somewhat self-fulfilling, as traders are more inclined to protect the units they hold.
"Volatility in the recent market means that long traders are also unwilling to let go of units cheap in
fear of missing out on any further gains," a trader said. "This leads to very few offers in the market
with buyers forced to pay high premiums to secure necessary material."
With reports from Elton Lim and Anthony Poole
Source:
spglobal.com
GLTA ! |
| | Stuhini Exploration | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: pstad60 | 2/17/2023 4:30:25 PM | | | | | | Vancouver, Canada – February17th, 2023 – Stuhini Exploration Ltd. (the “Company” or Stuhini”)
(TSX-V: STU USA: STXPF) is pleased to announce it has staked additional mineral claims contiguous
with its Ruby Creek Project (“Project” or “Property”) located 14 kilometres (“km”) east of Atlin, BC
and wishes to provide a Corporate and Exploration Update.
The Company has acquired by staking 848.1 hectares (“ha”) in 1 new claim block contiguous to
the north of its existing Ruby Creek tenures. The new claim, which will be consolidated into the
Company’s Ruby Creek Project, is situated in the headwaters of Volcanic Creek and is referred
to as the “Volcanic Creek Moly” showing in BC Minfiles. Previous historic exploration work
reports molybdenum (“Mo”) mineralization at surface and includes two drill holes drilled by
Placer Development Ltd. in 1981. Hole DDH 81-1 intersected 24.38 metres (“m”) of
0.066% MoS2 (0.040% Mo) starting at a depth of 33.53 m, including 6.10 m of 0.14 MoS2
(0.082 % Mo).
Dave O’Brien, Company President and CEO, stated: “Given the recent notable rise in the price
of molybdneum, we are excited to pick up more prospective molybdenum ground contiguous
with our Ruby Creek Deposit, especially given the known historical occurrence.”
In other news, the Company has received all assay results from its summer intrusion gold drill
program. No significant gold or silver intercepts were encountered to warrant additional follow-up
at this time.
Stuhini also advises that it will be attending both the Metals Investor Forum and the Prospectors
and Developers conference(PDAC) in Toronto, Ontario between March 3-8. Dave O’Brien (Chief
Executive Officer and President), Ehsan Salmabadi (VP–Exploration) and Charles Kamimura
(Corporate Secretary) will be available to meet with investors and potential partners upon request.
We cordially invite you to visit with Company representatives Sunday March 5th through Wednesday
March 8th, 2023 at Booth # 3018 within the Investors Exchnge at the 2023 PDAC Convention to be
held at the Metro Toronto Convention Centre.
Stuhini will also be presenting and will have a dislay booth at the pre PDAC Metals Investor Forum
taking place March 3-4, 2023 at the Delta Hotel located on 75 Lower Simcoe Street, Toronto.
QA/QC protocol: All assay samples were collected from HQ and NQ core, sawn in half with a
diamond saw with the sample intervals marked by technical personnel. The split core material
was collected in poly bags and then transported to the Bureau Veritas sample preparation facility l
ocated in Whitehorse, Yukon. Samples were crushed, and then pulps were sent to the Bureau
Veritas lab in Vancouver, BC for assay. Each sample was assayed for gold by 50-gram fire assay
FA350-Au as well as by 4 acid digest ICP-ES MA200 for a suite of 45 elements. A full QA/QC
program using blanks, standards and duplicates was utilized to monitor analytical accuracy and
precision. QA/QC samples consisted of one certified Standard Reference Material and one
certified blank of unmineralized material per 20 split core samples. Duplicate samples are
repeat analysis of designated primary sample pulps. All results have passed QA/QC screening
by the lab.
Ruby Creek Project: The 29,479 ha Ruby Creek Project is road accessible and located 14 km
east of Atlin, BC. There are 49 different documented mineral occurrences on the Property, of
which 16 are gold-related, with 7 significant gold placer creeks. The Property also hosts the
Ruby Creek Molybdenum Resource, which has an intact BC Mines Act permit. Stuhini has
an option to acquire 100% of the Ruby Creek Project subject to a 1% Net Smelter Royalty
The geological content of this news release has been reviewed and approved by Ehsan
Salmabadi, P. Geo., a qualified person as defined under the terms of National Instrument 43-101.
About Stuhini Exploration
Stuhini, a mineral exploration company, is focused on exploration and development of precious
and base metals properties in western Canada and the southwest United States. The Company’s
portfolio of exploration properties includes: the flagship Ruby Creek Property, 14 km east of
Atlin, BC; the Que Project, 70 km north of Johnson’s Crossing, Yukon; the South Thompson
Nickel Project, 35 km northwest of Grand Rapids, Manitoba; the Big Ledge Property, 57 km
south of Revelstoke, BC; and a portfolio of 4 properties in southeast Arizona.
For further information please contact:
David O’Brien
President & Chief Executive Officer
Stuhini Exploration Ltd.
Email: dobrien@stuhini.com
Phone: (604) 835-4019
Web: www.stuhini.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.
Source:
newswire.ca
GLTA ! |
| | Stuhini Exploration | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: pstad60 | 2/23/2023 11:16:06 AM | | | | | | Stuhini Exploration Ltd. Announces up to $1,600,000 Private Placement with Lead Order from Eric Sprott
VANCOUVER, BC, Feb. 23, 2023 /CNW/ - Stuhini Exploration Ltd. (the "Company" or "Stuhini") (TSXV: STU) (OTCPK: STXPF) is pleased to announce a non-brokered private placement ("Private Placement") of up to 4,000,000 units of the Company ("Units") at a price of $0.40 per Unit (the "Issue Price") for gross proceeds to the Company of up to $1,600,000 The Company is pleased to advise that Eric Sprott has agreed to purchase $1,000,000 of Units under the Private Placement.
Dave O'Brien, Company President and CEO, stated: "We are very pleased with Mr. Sprott's continued support as a key shareholder. His investment is a strong endorsement for the Ruby Creek Molybdenum deposit as well as the outlook for molybdenum going forward. The price of molybdenum has tripled since the summer of 2021, and we believe the Ruby Creek Project is a world class deposit." See news release dated March 15, 2022 announcing the molybdenum mineral resource estimate and technical report dated April 22, 2022 filed on SEDAR.
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 net proceeds of the Private Placement will be used: (i) to fund the final cash payment of $640,000 under the option agreement pursuant to which the Company was granted a right to acquire a 100% interest in the Ruby Creek Property; and (ii) for general exploration, corporate and administrative expenses.
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 TSXV. 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 and the Big Ledge Property located approximately 57 km south of Revelstoke, British Columbia, as well as 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:
newswire.ca
Contact:
David O'Brien, President & Chief Executive Officer, Stuhini Exploration Ltd.,
Email: dobrien@stuhini.com,
Phone: (604) 835-4019;
Web: www.stuhini.com
GLTA ! |
| | Stuhini Exploration | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: pstad60 | 3/2/2023 8:56:28 AM | | | | | | Stuhini Exploration Ltd. Announces Increase of Private Placement to $1,900,000
VANCOUVER, BC, March 2, 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 has been increased by $300,000 for total aggregate gross proceeds to the Company of up to $1.9 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.
In connection with certain subscriptions under the Private Placement, the Company may pay finders' fees in cash of up to 6% of the gross proceeds from the sale of Units placed by the finder and issue finder's warrants entitling the finder to purchase such number of Common Shares that is equal to up to 6% of the number of Units placed by the finder ("Finder's Warrants"). Each Finder's Warrant will entitle the holder thereof to acquire 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 and the proposed use of proceeds are otherwise as previously disclosed in the Company's news release dated February 23, 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.
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.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward–looking statements concern, without limitation, the terms and anticipated closing of the Private Placement and the intended use of proceeds therefrom. Such forward–looking statements or information are based on a number of assumptions any of which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; timing and amount of capital expenditures; favorable weather conditions including but not limited to snow, rainfall and forest fires, and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forward–looking statements as a result of risk factors including, but not limited to: the availability of funds; the timing and content of work programs; results of exploration activities of mineral properties; the interpretation of drilling results and other geological data; and general market and industry conditions. Forward–looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
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.
Contact:
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 ! |
| | Stuhini Exploration | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| To: pstad60 who wrote (93) | 3/2/2023 10:30:37 AM | | From: pstad60 | | | | Re: Stuhini Private Placement Increased to $1,900,000
Based on today's news release :
newswire.ca
If the financing is fully subscribed, along with the announcement last week that the final option payment of the Ruby Creek Project will be made with funds from this placement, the share structure of Stuhini will be approximately :
44,917,094 shares issues and o/s
7,707,178 warrants exercisable at $0.35, $0.50 and, $0.60
52,624,272 shares on a partially diluted basis
Molybdenum pricing remains firm with daily spot price at US$43.54 / lb.
dailymetalprice.com
With 477 million lbs of moly in a pit constrained measured, indicated and inferred resource, the current inground value of Stuhini's Ruby Creek moly deposit is about C$28 Billion.
Stuhini's share price remains extremely undervalued. Current matket cap is about $22 million .
When moly prices were at this level back in 2008, the former operator of Ruby Creek, Adanac Moly Corp, had a market cap of C$300 million.
GLTA ! |
| | Stuhini Exploration | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: pstad60 | 3/7/2023 12:42:53 AM | | | | | | 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 ! |
| | Stuhini Exploration | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: pstad60 | 3/10/2023 4:19:49 PM | | | | | | Chen Lin recommends Stuhini Exploration as a buy
At this year's Metals Investor Forum held in Toronto this past weekend, investment newsletter
writer Chen Lin met up with Stuhini Exploration's CEO Dave O'Brien for a 10 minute interview.
youtube.com
According to information provided by someone on the CEO.ca Stuhini forum, Chen Lin has
recommended Stuhini Exploration as a buy in the latest issue of his newsletter subscription
service. Stuhini could see its market cap reach the $100's of millions.
Current Stuhini market cap is about $25 million.
Recall that former operator Adanac Moly Corp once had a market cap of $300 million when
molybdenum prices were last at these price levels in 2008 prior to the 2008-09 credit crisis
and collapse in the price of molybdenum.
The current private placement has been increased twice (from $1.6 million to $2.3 million)
since it was announced on February 23, 2023 with Eric Sprott as the lead investor with
$1 million committed. There was overwhelmig demand for this financing.
stuhini.com
The financing is expected to close on or about March 15, 2023 fully subscribed .
GLTA ! |
| | Stuhini Exploration | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| To: pstad60 who wrote (96) | 3/10/2023 4:55:46 PM | | From: pstad60 | | | | Stuhini Presentation at the 2023 Metals Investor Forum
This past weekend, Stuhini CEO Dave O'Brien put on a 12 minute presentation at the 2023 Toronto Metals Investor Forum
He mainly concentrated on the Ruby Creek Project, but also referred to some of the company's other exploration projects as well.
youtube.com
GLTA ! |
| | Stuhini Exploration | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: pstad60 | 3/20/2023 4:35:11 PM | | | | | | Stuhini Exploration Ltd. Closes Upsized Private Placement
VANCOUVER, BC, March 20, 2023 /CNW/ - Stuhini Exploration Ltd. (the "Company" or "Stuhini") (TSXV: STU) (OTCPK: STXPF) is pleased to announce that it has closed its non-brokered private placement (the "Private Placement") previously announced on February 23, 2023 and upsized on March 2, 2023 and March 6, 2023 for gross proceeds to the Company of $2,400,000. Mr. Eric Sprott, the Company's strategic investor, subscribed for 2,500,000 units of the Company for gross proceeds of $1,000,000.
Under the Private Placement, the Company has issued a total of 6,000,000 units of the Company ("Units") at a price of $0.40 per Unit. Each Unit consists 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 until March 17, 2025.
The net proceeds of the Private Placement will be used: (i) to fund the final cash payment of $640,000 under the option agreement pursuant to which the Company was granted a right to acquire a 100% interest in the Ruby Creek Property; and (ii) for general exploration, corporate and administrative expenses.
Mr. Eric Sprott through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 2,500,000 Units in the Offering for total consideration of $1,000,000. Prior to the closing of the Offering, Mr. Sprott beneficially owned or controlled 3,234,783 Shares and 217,391 Warrants, representing approximately 8.4% of the outstanding Shares on a non-diluted basis and 8.9% of the outstanding Shares on a partially-diluted basis. Subsequent to the Offering, Mr. Sprott beneficially owns and controls 5,734,783 Shares and 1,467,391 Warrants, representing approximately 12.9% of the outstanding Shares on a non-diluted basis and 15.7% of the outstanding Shares on a partially diluted basis.
The Units were acquired for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other factors that Mr. Sprott considers relevant from time to time.
A copy of the applicable early warning report will appear on the Company's profile on SEDAR and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).
In connection with the closing of the Private Placement, the Company paid finders' fees in cash totalling $9,180.00 to Canaccord Genuity Corp., Haywood Securities Inc. and Leede Jones Gable Inc. (collectively, the "Finders"), representing 6% of the gross proceeds from the sale of Units placed by the Finders, and issued to the Finders a total of 22,950 non-transferable finder's warrants ("Finder's Warrants"), representing 6% of the Units placed by such Finders. Each Finder's Warrant entitles the holder thereof to acquire one Common Share at a price of $0.50 per Common Share until March 17, 2025.
All securities issued pursuant to the Private Placement are subject to a hold period of four months and one day expiring on July 18, 2023. The Private Placement is subject to final approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 new 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.
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 ! |
| | Stuhini Exploration | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: pstad60 | 3/31/2023 10:52:01 PM | | | | | | Stuhini Renews Option on Que Project
VANCOUVER, BC, March 31, 2023 /CNW/ - Stuhini Exploration Ltd. ("Stuhini" or the "Company") (TSXV: STU) (OTCPK: STXPF) announces that the Company has renewed its option on the Que Project. The Option Agreement was first announced on February 21, 2020 and amended and restated on October 26, 2020 whereby Stuhini can acquire a 100% interest in the road accessible Que Property (the "Property"), located in the Yukon, Canada approximately 70 kilometres from Johnson's Crossing (the "Option").
The agreement as amended provides for the payment of a total of 112,500 Shares of the Company to Optionors, as defined in the Option Agreement, on the Third Anniversary Date of the approval of the Option by the TSX-V. These shares are the only committed payment over the next 12 months. There are no work commitments. The balance of the share issuances and the cash payments are all at the Company's election should it wish to maintain the Option after April 2, 2024.
Dave O'Brien, Company President and CEO commented: "Given the notable molybdenum price uptick over the past 4 months, we are presently focused on the advancement of our Ruby Creek Molybdenum deposit, but we remain encouraged by the prospectivity of the Que Project and believe this is a notable asset within the Companies Project portfolio."
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 south-western USA. The Company's portfolio of exploration properties includes: its flagship, the Ruby Creek Property located approximately 14 km east of Atlin, BC; 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 properties in south-east 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.
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 ! |
| | Stuhini Exploration | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| |
