/CNW/ - Stuhini Exploration Ltd. (the " Company " or " Stuhini ")
Stuhini Exploration Ltd. Announces up to
$1,600,000 Private Placement with Lead Order
from Eric Sprott
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN
THE
UNITED STATES
/
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
.
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 intended use of
proceeds of the Private Placement and the molybdenum mineral resource estimate. 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.
SOURCE
Stuhini Exploration Ltd.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/February2023/23/c2021.html
%SEDAR: 00046568E
For further information:
David O'Brien, President & Chief Executive Officer, Stuhini Exploration
Ltd., Email: [email protected], Phone: (604) 835-4019; Web: www.stuhini.com
CO: Stuhini Exploration Ltd.
CNW 08:30e 23-FEB-23