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Stuhini Exploration Ltd. Completes IPO and Announces Listing on the TSX Venture Exchange
Stuhini Exploration Ltd. Completes IPO and Announces Listing on the TSX Venture Exchange ...
About this update from Eranova Metals Inc.
[{"type":"text","content":"\n\n\n\nStuhini Exploration Ltd. Completes IPO and Announces Listing on the TSX Venture Exchange\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 21, 2019\n\n\n\nVANCOUVER, May 21, 2019 /CNW/ - Stuhini Exploration Ltd. (the \"Company\") (TSX-V: \"STU\") is pleased to announce that the Company completed its initial public offering (\"IPO\") of 4,083,000 common shares of the Company (\"Shares\") at a price of $0.20 per Share for aggregate gross proceeds of $816,000. The Shares were listed on the TSX Venture Exchange (the \"Exchange\") on May 21, 2019, trading was immediately halted and the Shares are expected to commence trading on the Exchange on or about May 23, 2019 under the trading symbol \"STU\".\nHaywood Securities Inc. (the \"Agent\") acted as exclusive agent in respect of the IPO on a commercially reasonable efforts basis. Pursuant to the IPO, the Agent received a cash commission equal to 8% (4% on President's List) of the gross proceeds of the Offering and a non-transferable compensation option entitling the Agent and members of its selling group to purchase 230,840 Shares at $0.20 per Share at any time until May 21, 2021. The Agent also received a corporate finance fee of $20,000.\nThe net proceeds of the IPO will primarily be used to fund Phase 1 work program exploration and other expenditures on the Company's Metla Property, as well as for expenses of the IPO, general and administrative costs over the next twelve months and general working capital purposes.  The unallocated working capital is expected to be used to begin Phase 2 of the work program and to identify and evaluate potential acquisitions. Upon closing of the IPO, the Company has 9,783,000 Shares issued and outstanding as of the date hereof, of which 2,870,000 Shares are subject to escrow, released 10% on the IPO Closing with an additional 15% released every six months over a 36-month period.\nAdditional information on the Company, the IPO and the Metla Property, can be found in the Company's prospectus dated February 15, 2019 as filed on SEDAR at www.sedar.com....