Stina Closes Third Tranche of Private Placement
April 17, 2018 -- Stina Resources Ltd. (the “Company”) (CSE: SQA) (OTC: STNUF) is pleased to announce that it has closed a third tranche of its fully subscribed non-brokered private placement for gross proceeds of $1,1701,901 through the issuance of 5,673,006 units (“Units”) of the Company at a price of $0.30 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 $0.60 for a period of three (3) years following the closing of the Offering.
Eligible persons (the “Finders”) were paid a cash commission equal to 6% of the proceeds raised from subscribers introduced to the Company by such Finders and Broker Warrants equal to 6% of the Units issued pursuant to the Offering.
Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including completion of the requisite filings with 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 for general working capital purposes.
A director of the Company (the “Related Party”) participated in the Offering, which participation constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such a related party transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the Company nor, to the knowledge of the Company after reasonable inquiry, the Related Party has knowledge of any material information concerning the Company or its securities that has not been generally disclosed. The participants in the Offering and the extent of such participation were not finalized until shortly prior to the completion of the Offering. Accordingly, it was not possible to publicly disclose details of the nature and extent of related party participation in the Offering pursuant to a material change report filed at least 21 days prior to the completion of the Offering
The Company also wishes to correct its press release dated April 6, 2018, the press release should have indicated that the Company closed its second tranche of $2,687,999 thorough the issuance of 8,959,998 Units as opposed to 4,479,998 Units.
For further information, please contact:
Brian Stecyk, President & CEO
Telephone:1 (800) 882-3213
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
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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