Stelmine closes a $393,288 private placement
Québec, December 19, 2017- Stelmine Canada Ltd. (« Stelmine ») (STH-TSXV) announces the closing of a private placement of: $393,288. The Corporation has issued an aggregate of 1,404,593 “flow-through” shares at a price of $0.28 per share.
Six (6) insiders participated to this private placement for gross proceeds of $71,000 (5.05%). Insiders of the company subscribe to Units offered under the private placement (the “Insiders’ Participation”). The Insiders’ Participation is exempt from the formal valuation and shareholder approval requirements provided under Regulation 61-101 respecting Protection of Minority Holders in Special Transactions (“Regulation 61-101”) in accordance with sections 5.5(a) and 5.7(a) of said Regulation 61-101. The exemption is based on the fact that the market value of the Insiders’ Participation or the consideration paid by such insider does not exceed 25% of the market value of the company. The company did not file a material change report in the last 21 days prior to the completion of the private placement.
The proceeds of this private placement will be used by the Corporation to incur Canadian exploration expenses on the Corporation’s properties located in the Province of Quebec and such exploration expenses will be fully incurred on or before December 31, 2018 in accordance with the Corporation’s undertakings to the subscribers of this private placement.
In connection with this placement, the company will pay a Finder’s fee of $11,661.44.
All securities issued pursuant to the private placement are subject to a four-month and one day hold period. The private placement is subject to the final approval of the TSX Venture Exchange.
Follow us on www.Stelmine.com and on our Facebook page (Stelmine Canada) where we uploaded pictures of the Courcy camp and of our crew at work.
Stelmine is a junior mining exploration company and its activities are located in the Province of Québec. Stelmine holds 799 claims spanning 583 km2 on the eastern part of the Opinaca metasedimentary basin, which contains zones with a high potential for gold deposit discovery in geological contexts similar to the one leading to discovery of the Éléonore Mine. Its capital stock consists of 23,680,645 issued and outstanding shares for a current market capitalization of $4.5 million.