Stratabound Minerals Announces Non- Brokered $1.5 Million Financing
Stratabound Minerals Announces Non-
Brokered $1.5 Million Financing
Toronto, Ontario--(Newsfile Corp. - January 3, 2024) -
Stratabound Minerals Corp. (TSXV: SB)
(OTCQB: SBMIF)
("Stratabound" or the "Company") is pleased to announce a non-brokered financing
for $1,500,000 by issuing 60,000,000 units at $0.025 per unit.
Each $0.025 unit shall consist of one common share and one common share purchase warrant. Each
warrant shall entitle the holder to purchase one common share at an exercise price of $0.05 per common
share for a period of two years following the date of closing. The Company may accelerate the expiry
date if the shares trade at $0.30 or more for a period of 10 days, including days where no trading occurs.
The closing of the offering is expected to occur one business day following receipt of all required
regulatory approvals. The offering may be closed in one or more tranches. The total number of units
issued in connection with the offering may be changed at the Company's sole discretion.
The exchange rules require all warrants to be issued at $0.05 or higher.
In the context of the current
market for the Company's securities, the Company would have liked to offer a warrant at $0.035. The
warrants offered herein will contain price adjustment provisions to adjust pricing to $0.035 if
circumstances change so as to allow that.
The Company will pay finders' fees to eligible arm's-length persons with respect to subscriptions
accepted by the Company.
Hashim Ahmed, Chairman of Stratabound commented: "We are pleased to announce a financing round
supported with lead orders from our current major shareholders and new strategic investors. In this
market, it is important to have sponsors and we currently have two; we are seeking a third.
We have a
portfolio of high-potential assets with concrete restructuring and growth plans in the works.
There are key
initiatives and catalysts planned for 2024. With historic high gold prices, and a newly strengthened
management team - addition of Wendy T. Chan (who has successfully completed many strategic
reorganization, marketing, and corporate development initiatives at mining companies) as Interim CEO,
Buddy Dole (who has a proven track record in exploration and discoveries) as VP Exploration, and
Marty Stratte (who previously was on the team that permitted Equinox Gold's Castle Mountain in
California) as a recently appointed Director, we now have the leadership and execution team to
successfully take the Company to the new levels."
The proceeds raised from the offering will go towards high resolution magnetics and drill targeting at our
McIntyre Brook property (New Brunswick), data review and targeting to leverage a new RIRGS
exploration model at Golden Culvert and Win projects (Southern Tombstone Gold Belt, Yukon), and drill
target generation testing a large, high-grade conceptual model at our Fremont Gold project (Mother
Lode Gold Belt, California).
ABOUT STRATABOUND MINERALS
Stratabound Minerals Corp. is a Canadian exploration and development company with grassroots and
advanced exploration properties in highly prospective and safe mining jurisdictions.
Its Golden Culvert and Win Projects, Yukon, covering 99.5 km
2
across a 27-km strike length,
are situated in a district-scale, high-grade-gold-mineralized trend within the southern portion of
the
Tombstone Gold Belt
. Gold deposits and occurrences within the Belt include Fort Knox, Pogo,
Brewery Creek and Dublin Gulch, and Snowline Gold's Valley target on its Rogue property in the Selwyn
Basin.
Its
McIntyre Brook Project, New Brunswick, covering 120 km
2
and a 17-km strike length in the
emerging Triple Fault Gold Belt
, is surrounded by Puma Exploration's Williams Brook Project (5.55
g/t Au over 50m) and is hosted by orogenic rocks of similar age and structure as New Found Gold's
Queensway Project.
The Company is also advancing its
Fremont Gold development project in the historic Mother Lode
Gold Belt of California where 50,000,000 oz of gold has been produced.
Fremont, located 500km
north of Equinox Gold's Castle Mountain and Mesquite mines, has a PEA with an after-tax NPV of USD
$217MM, a 21% IRR, 11-year LOM, averaging 118k ounces per annum at USD $1,750 gold. The project
hosts an NI 43-101 resource of 1.16 MMoz at 1.90 g/t Au within 19.0 MMt Indicated, and 2.02 MMoz at
2.22 g/t Au within 28.3 MMt Inferred.
The MRE evaluates only 1.4 km of the 4 km strike length of
the Fremont property that features four gold-mineralized zones.
Significantly, three step-out
holes at depth hit structure, typical of orogenic deposits that often occur at depth
.
Fremont is
located on private land
in Mariposa, the original gold rush county and is 1.5 hours from
Fresno, California
. The property has year-round road access and is close to airports and rail. Please
refer to the Fremont Gold project PEA dated Apr. 4, 2023 under NI 43-101 guidelines. The technical
report has been reviewed and approved by independent "Qualified Persons" Eugene Puritch, P.Eng.,
FEC, CET, and Andrew Bradfield, P.Eng. both of P&E, and Travis Manning, P.E. of KCA.
The Company also holds a pipeline of early-stage exploration projects including the critical mineral
Captain Cobalt-Copper-Gold Deposit in New Brunswick and the Dingman Gold Project, Ontario.
QUALIFED PERSON STATEMENT
The scientific and technical information contained in this press release has been reviewed and approved
by Jonathan Victor Hill, Director, BSc (Hons) (Economic Geology - UCT), FAusIMM, and who is a
"qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101").
For more information, please visit the Company's website at
www.stratabound.com
or contact:
Gary Nassif
Senior Vice President, Director
+1 (416) 915-4157
Kevin Shum
Investor Relations
+1 (647) 725-3888 ext 702
Forward-Looking Statements
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/193064