STINA CLOSES $3,000,000 OVER-SUBSCRIBED FINANCING
October 16, 2017 – Stina Resources Ltd. (the “Company”) (CSE: SQA) (OTC: STNUF) is pleased to announce that it has closed its previously announced non-brokered private placement for gross proceeds of $3,000,000 through the issuance of 15,000,000 units (“Units”) of the Company at a price of $0.20 per Unit (the “Offering”). The original offering was for $2,500,000. The private placement was oversubscribed and with the approval of the CSE was increased to a maximum of $3 million. 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 years following the closing of the Offering.
Various eligible persons (the “Finders”) were paid a cash commission equal to 6% of the proceeds raised from subscribers introduced to the Company by such Finder plus Broker Warrants equal to 6% of the shares issued. Each Broker warrant entitles the holder to acquire one Common Share of the Company at an exercise price of $0.20 for a period of three years following the closing of the Offering.
Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the Canadian Securities Exchange. 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 to further investigate the Bisoni McKay vanadium deposit and the surrounding claims as announced in the Company’s recent news releases and to provide general working capital.
The Company is also pleased to announce that 1.5 million shares at $0.28 exercisable for a period of 24 months have been reserved for employee and consultant incentive stock options in accordance with the Company’s Stock Option Plan and the CSE.
On behalf of the Board of Directors,
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