Business
Stuhini Closes First Tranche of Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - August 25, 2025) - Stuhini Exploration Ltd. (TSXV:...
About this update from Eranova Metals Inc.
[{"type":"text","content":"Stuhini Closes First Tranche of Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - August 25, 2025) - Stuhini Exploration Ltd. (TSXV: STU) (OTCQB: STXPF) (WKN: A2PLBV) (the \"Company\" or \"Stuhini\") is pleased to announce that, further to its news release dated August 5, 2025, it has closed the first tranche of its non- brokered private placement (the \"Private Placement\") raising gross proceeds of $260,000 through the issuance of 2,166,332 Units (\"Units\") at a price of $0.12 per Unit.Each Unit consists of one common share of the Company (a \"Common Share\") and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder to acquire one additional Common Share at a price of $0.18 per Common Share until August 22, 2027.Certain directors and officers of the Company acquired an aggregate of 184,000 Units under the Private Placement. Such participation constitutes a \"related party transaction\" within the meaning of the TSX Venture Exchange Policy 5.9 (the \"Policy\") and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the first tranche of the Private Placement as neither the fair market value (as determined under MI 61- 101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves related parties, exceeds 25% of the Company's market capitalization (as determined under MI 61-101).The securities issued pursuant to this closing are subject to a regulatory resale hold period ending December 23, 2025. The Private Placement is subject to the final approval of the TSX Venture Exchange. In connection with the closing of the first tranche of the Private Placement, the Company paid finder's fees in cash to Research Capital (as to $4,672.80) and Canaccord Genuity Corp. (as to $1,800), representing 6% of the gross proceeds from the sale of Units placed by the finders.The Company intends to use the net proceeds from the Private Placement (i) to support exploration and advancement of its flagsh...