Stelmine closes $700,300 private placement

Article content

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

QUEBEC, Dec. 30, 2023 (GLOBE NEWSWIRE) — Stelmine Canada Ltd. (“Stelmine” or the “Company”) (TSXV: STH) is pleased to announce  that it has completed its non-brokered private placement (the “Offering“) of flow-through units (the “FT Units“) previously announced on December 12, 2023 and December 20, 2023 for total gross proceeds of $700,300.

Article content

In connection with the Offering, the Company issued a total of 8,238,822 FT Units at a price of $0.085 per FT Unit. Each FT Unit consisted of one common share of the Company to be issued as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Quebec) (each, a “FT Share”) and one-half of a non-flow-through common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one additional common share at a price of $0.14 per common share for 24 months. As part of the final tranche of the Offering, completed on December 29, 2023, the Company issued 117,647 FT units and paid finder’s fees of $1,005.