Toronto, Ontario–(Newsfile Corp. – January 24, 2023) – Stratabound Minerals Corp. (TSXV: SB) (OTCQB: SBMIF) (“Stratabound” or the “Company”) announces it completed its previously announced non-brokered private placement (the “Financing”) on January 23, 2023. The Company accepted subscriptions on this final tranche of 2,000,000 units at a price of $0.05 per unit, for gross proceeds of $100,000.
The Company raised a total of $1,655,000. A total of 33,100,000 Units were issued pursuant to the Financing.
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at $0.07 for a period of two years from the date of closing.
This is a related party transaction. Insiders of the Company subscribed for an aggregate of 30,400,000 common shares of the Company on the first closing. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such insider participation.
Securities issued on this closing are subject to a statutory hold period until May 24, 2023.
Proceeds will be used for exploration and holding costs related to maintaining its exploration properties and for general corporate working capital purposes.
Stratabound Minerals Corp. is a Canadian mineral exploration and development company that is developing its advanced-stage flagship Fremont Gold Project in the historic Mother Lode Gold Belt of California. The Fremont Property features an NI 43-101 Mineral Resource Estimate (MRE) of 1.16 million Au ounces at an average grade of 1.90 g/t Au in the Indicated, plus 2.02 million ounces at an average grade of 2.22 g/t Au in the Inferred Mineral Resource classifications. This current MRE evaluates only 1.4 km of the entire 4 km strike length of the Fremont Property that features four gold-mineralized zones. The Company is also advancing its pipeline of early-stage exploration projects in Canada including the Golden Culvert, Yukon and McIntyre Brook gold projects, and the Captain Cobalt-Copper-Gold Deposit in New Brunswick.
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.
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.
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