Business
Stuhini Exploration Ltd. Announces $1,350,000 Private Placement
VANCOUVER, BC, July 28, 2020 /CNW/ - Stuhini Exploration Ltd. (the "Company" or "Stuhini") (TSX-V: STU) is pleased to announce a $1,350,000 non–brokered private
About this update from Eranova Metals Inc.
[{"type":"text","content":" VANCOUVER, BC, July 28, 2020 /CNW/ - Stuhini Exploration Ltd. (the \"Company\" or \"Stuhini\") (TSX-V: STU) is pleased to announce a $1,350,000 non–brokered private placement comprising the following: 1,000,000 common shares that qualify as \"flow-through shares\" for the purposes of the Income Tax Act (Canada) (\"Flow-Through Common Shares\") at a price of $0.55 per Flow-Through Common Share for aggregate gross proceeds to the Company of Cdn$550,000 (the \"Flow Through Offering\"). 2,000,000 non flow-through shares (\"Non-FT Common Shares\") at a price of $0.40 per share for aggregate gross proceeds of Cdn$800,000 (the \"Non-FT Offering\"). The Flow Through Offering and Non-FT Offering (collectively, the \"Offering\") will provide aggregate gross proceeds to the Company of Cdn$1,350,000. Aggregate gross proceeds of up to $550,000 from the sale of the Flow-Through Common Shares will be used to incur \"Canadian exploration expenses\" which qualify as \"flow-through mining expenditures\" (within the meaning of the Income Tax Act (Canada)) (\"Qualifying Expenditures\") to fund exploration programs on Stuhini's Ruby Creek and Metla Projects which are both located in British Columbia. The Company will renounce these expenses to the purchasers with an effective date of not later than December 31, 2020. Aggregate gross proceeds of up to $800,000 from the sale of Non-FT Common Shares will be used to fund exploration programs on the Company's mineral properties, including the Que Project in the Yukon Territory, as well as general and administrative expenses. Finder's fees of up to 6% cash may be payable in connection with the Offering. It is anticipated that certain directors, officers and other insiders of the Company will acquire Shares under the Offering. Such participation will be considered to be \"related party transactions\" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61 101 Protection of Minority Security Holders in Special Transactions (\"MI 61–101\") adopted in the Policy. The Company intends to rely on the 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 Offering as neither the fair market value (as determined under ...