Stuhini Exploration Ltd. Announces an Additional Increase of Private Placement to $2,300,000
Stuhini Exploration Ltd. Announces an
Additional Increase of Private Placement to
$2,300,000
VANCOUVER, BC
,
March 6, 2023
/CNW/ - Stuhini Exploration Ltd. (the "
Company
" or "
Stuhini
")
(TSXV: STU) (OTCPK: STXPF) is pleased to announce that, due to demand from potential
investors, its non-brokered private placement announced on
February 23, 2023
, and upsized on
March 2, 2023
, has been increased by an additional
$400,000
for total aggregate gross proceeds to
the Company of up to
$2.3 million
(the "
Private Placement
").
The Private Placement will consist of units of the Company ("
Units
") at a price of
$0.40
per Unit.
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 terms of the Private Placement, the proposed use of proceeds and possible finders' fees are
otherwise as previously disclosed in the Company's news releases dated
February 23, 2023
and
March 2, 2023
.
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 TSX Venture Exchange. 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.
The Company also announces the grant of stock options to a consultant of the Company to purchase
100,000 common shares of the Company at
$0.50
per share for a term of 3 years, expiring
March
6, 2026
. The options will vest as to 25% every three months after the date of grant and are subject
to the terms of the Company's Stock Option Plan and TSX–V approval.
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
; the Big Ledge Property located approximately 57 km south of
Revelstoke,
British Columbia
; and 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 terms and anticipated
closing of the Private Placement and the intended use of proceeds therefrom. 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.
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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 06-MAR-23