StraightUp Resources Completes High-resolution Heli-borne Magnetic Survey on its RLX Properties near Red Lake, Ontario, Closes First Tranche of $2.0 Million Financing & General Corporate Matters
5500 Wharf Avenue, #207, Box 609, Sechelt, British Columbia V0N 3A0
StraightUp Resources Completes High-resolution Heli-borne Magnetic
Survey on its RLX Properties near Red Lake, Ontario, Closes First
Tranche of $2.0 Million Financing & General Corporate Matters
Not for Distribution to United States News Wire Services or for Dissemination in the United States
CSE: ST For Immediate Release
Vancouver, BC, September 3, 2021 - StraightUp Resources Inc. ("StraightUp" or the
“Company”) (CSE: ST) is pleased to announce that Prospectair Geosurveys Inc. has completed a
high-resolution heli -borne magnetic survey (MAG) on the RLX North and RLX South (the
“Properties”) located in the Red Lake Greenstone Belt 25km east of the Red Lake. The Company
has the right and option to acquire 100% undivided interest in the Property , with claims covering
over 10,000 hectares (Figure 1). The heli-borne magnetic survey consists of 2,985 line-km at 50m
line spacings covering the entire property and preliminary results have been received with the final
report expected in early October.
Figure 1. RLX North And RLX South Combined
The MAG survey is designed to provide geological and structural details. Interpretation of the results
will be used to aid in identifying structural features, lithological contacts and rock types associated
with potential gold mineralization and vector exploration efforts to those areas of high merit.
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StraightUp’s President and CEO, Mr. Mark Brezer, said, “These projects are in the heart of the
Red Lake Mining District, an area that is seeing a resurgence of gold bearing deposits that were
overlooked in the p ast. RLX North and South almost completely surround Great Bear Resources
Sobel Project and with our accumulated data from the region and upcoming MAG results, we can
better pin-point future drill programs. It is exciting to see how the adoption of technology has led to
such advanced interpretation and with computer modelling, revolutionization of the industry”.
Brent Clark, P. Geo, an independent qualified person as defined in National Instrument 43-101, has
reviewed, and approved the technical contents of this news release on behalf of the Company.
The Property
The RLX North and RLX South are located 25 km southeast of the town of Red Lake. The primary
distinction between the two properties is with the interpreted geology underlying each, with the North
being primarily of the Balmer Assemblage and the South being Confederation. The contact between
these two metavolcanic packages is highly prospective for economic deposits of gold in the Red
Lake mining camp. The majority of historic production from the district has been mined from within
a few hundred metres of this important geological contact, making it a high priority exploration target.
Historic exploration of the RLX claims, which includes diamond drill holes, date back to the 1980’s.
Almost $1 million dollars has since been spent on drilling, soil geochemical surveys, line-cutting, IP
and geophysical surveying by previous operators.
Private Placement
The Company announces a non -brokered financing to raise up to C$2,000,000 (the “Offering”).
Each unit in the Offering consists of one common share issued at a price of $0.20 and one -half of
one transferable common share purchase warrant. Each whole warrant (a “Warrant”) entitles the
Subscriber to purchase one additional common share of the Issuer (a “Warrant Share”) at a price of
C$0.30 per warrant share for a period of two years from the Closing Date. If the common shares
trade on the Canadian Securities Exchange (the “CSE”) at a price of $0.50 or greater per common
share for a period of 10 consecutive t rading days, the Company may accelerate the expiry of the
warrants by giving notice to the holders thereof, such that the warrants shall expire on the 31 st day
after the date of such notice.
Concurrently, the Company also announces the close of the first tranche of the financing for a raise
of $301,100 through the issuance of 1,505,500 common shares and 752,750 warrants. The units
are subject to a four -month hold expiring on January 3, 2022. $7,000 in finder’s fees and 35,000
finder’s warrants were issued. The finder’s warrants are exercisable at $0.30 for a one -year term,
also subject to a four-month hold period.
The net proceeds from the financing are intended to be used for the funding of upcoming exploration
projects and property expenditures. Th e Offering is being made available to accredited investors
under applicable securities laws. The Company has entered into a binding commitment letter with
the accredited investors with respect to the Offering, where such parties have agreed, subject to
certain customary conditions and the execution of a formal subscription agreement, to purchase the
Units.
Director Change
The Company has received the resignation of Dušan Berka as a Director of the Company. Mr. Berka
has decided to retire as a director, an d management thanks Mr. Berka for his contribution to the
Company during his term as a director.
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Restricted Share Unit Plan
The Company is pleased to announce that it has approved a 10% rolling restricted share unit plan
whereby the Company may issue up to 10% of its issued capital as restricted share units to eligible
directors, officers, employees and consultants. The restricted share unit plan was adopted by the
Company to provide incentives to its executives and service providers and to bette r align interests
with shareholders while preserving the Company’s cash for its exploration activity.
North Equities
The Company also announces it has entered into a 12-month marketing and consulting contract
with Toronto-based marketing firm, North Equities Corp. North Equities specializes in creating
investor focus through various social media platforms and prioritizes millennial-focused social media
channels. The North Equities team has more than 100 team-years of equity experience and has
helped more than 200 companies acquire more than 120k+ investors combined. With the perfect
combination of expertise, tactics, and a track record in fundraising and marketing, North Equities
has created the next evolution of social media marketing and follower engagement.
***CORRECTION***
The Company would like to correct a news release dated August 4, 2021. The disclosure around
the engagement of Group Arventure to provide and manage digital marketing campaign is
incorrectly disclosed and will be handled by North Equities.
In connection with the Contract, the Company will pay North Equities $250,000. North Equities
currently owns nil shares of the Company.
About StraightUp Resources
StraightUp is engaged in the business of mineral exploration and the acquisition of mineral property
assets in Canada. Its objective is to locate and develop economic, precious and base metal
properties of merit. StraightUp intends to conduct exploration on the RLX North, RLX South,
Belanger and the Ferdinand Gold Property, all located in the Red Lake Mining Division, as well as
the recently acquired Bear Head Gold Project, located within the Meen-Dempster Greenstone Belt
of the Uchi Subprovince, approximately 80km west of the Pickle Lake Gold Camp.
On Behalf of the Board of Directors
Mark Brezer Chief Executive Officer, President and Director
For further information, please contact:
Mark Brezer
Chief Executive Officer, President and Director
(604) 989-6275
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts
responsibility for the adequacy or accuracy of this release).