") is pleased to announce the completion of its non-brokered private placement (" Private Placement
Stuhini Completes Private Placement
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE
UNITED STATES
/
VANCOUVER
,
Sept. 18, 2019
/CNW/ -
Stuhini Exploration Ltd. (TSX
V: STU)
("
Stuhini
" or the
"
Company
") is pleased to announce the completion of its non-brokered private placement ("
Private
Placement
") on September 18, 2019. The Company issued a total of 2,500,000 common shares
for gross proceeds of
$470,000
.
Eric Sprott
, the Company's new strategic investor, subscribed for
1,000,000 common shares for gross proceeds of
$170,000
.
The net proceeds of the Private Placement will be used to advance exploration on the Company's
Metla Property located in
Northwest British Columbia
and for general corporate purposes.
The shares issued under the Private Placement are subject to a hold period that expires on
January 19, 2020.
Certain directors, officers and other insiders of the Company purchased or acquired direction and
control over a total of 250,000 common shares under the Private Placement. The placement to
those persons constitutes a "related party transaction" within the meaning of TSX Venture Exchange
Policy 5.9 and Multilateral Instrument 61
101
Protection of Minority Security Holders in Special
Transactions
("
MI 61
101
") adopted in the Policy. The Company has relied on exemptions from the
formal valuation and minority shareholder approval requirements of MI 61
101 contained in
sections 5.5(a) and 5.7(1)(a) of MI 61
101 in respect of related party participation in the placement
as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the
fair market value of the consideration for, the transaction, insofar as it involved the related parties,
exceeded 25% of the Company's market capitalization (as determined under MI 61-101).
No finders' fees or commissions were paid in connection with 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 with its focus on its wholly owned Metla Property located in
northwestern
British Columbia, Canada
, approximately 150 kilometers south of the town of Atlin.
Stuhini also has an option agreement on the Ruby Creek Property which is accessible by road
located 20 kilometers northeast of
Atlin
. The Ruby Creek option agreement is subject to both
disinterested shareholder approval and approval of the TSX Venture Exchange.
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 news release.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Canadian securities
legislation. Such forward
looking statements concern the intended use of proceeds. Such
forward
looking statements are based on a number of assumptions 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 exploration expenditures; 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: 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.
SOURCE
Stuhini Exploration
View original content:
http://www.newswire.ca/en/releases/archive/September2019/18/c5815.html
%SEDAR: 00046568E
For further information:
David O'Brien, President & Chief Executive Officer, Telephone: (604) 418-
4019, Email: [email protected]
CO: Stuhini Exploration
CNW 16:35e 18-SEP-19