Vancouver, British Columbia–(Newsfile Corp. – March 15, 2018) – Stina Resources Ltd. (CSE: SQA) (OTCQB: STNUF) (the “Company“) is pleased to announce that it has closed the third and final tranche of its previously announced and fully subscribed non-brokered private placement for gross proceeds of $924,161 through the issuance of 3,422,818 units (“Units“) of the Company at a price of $0.27 per Unit (the “Offering“). Each Unit consists of one common share (a “Common Share“) of the Company and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant“). Each Warrant entitles the holder thereof to purchase a Common Share at an exercise price of $0.45 for a period of three (3) years following the closing of the Offering.
Certain eligible finders (the “Finders“) were paid cash commissions equal to 6% of the proceeds raised from subscribers introduced to the Company by such Finders and Finder Warrants equal to 6% of the Units issued pursuant to the Offering.
In total the Company raised an aggregate of $3,000,000 pursuant to the Offering, through the issuance of 11,111,109 Common Shares.
All securities issued in connection with the Offering are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. Proceeds of the Offering will be used for general working capital purposes.
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This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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