QUEBEC CITY, June 04, 2021 (GLOBE NEWSWIRE) — Stelmine Canada (STH-TSXV) (“Stelmine” or the “Company”) is pleased to announce that it has closed its recently announced non-brokered private placement (the “Offering”). A total of 7,777,778 units of Stelmine (the “Units”) were issued at a price of $0.09 per unit for gross proceeds of $700,000. Each Unit comprised one common share of Stelmine and one common share purchase warrant. Each warrant entitles the holder to acquire one common share of the Company at $0.11 for a period of 36 months from issuance.
All securities issued in connection with this Offering are subject to a hold period of four months and one day. The private placement is subject to the approval of the TSX Venture Exchange. Stelmine has not filed a material change report in the 21 days preceding the placement other than in relation to the placement.
The proceeds of the Offering will be used for exploration on the Courcy and Mercator Projects in the Caniapiscau Region and for general working capital purposes. In connection with this Placement, the Company will pay a Finder’s fee of $2000.
About Stelmine Canada
Stelmine is a junior mining exploration company pioneering a new gold district (Caniapiscau) east