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Stratabound Minerals Corp. Announces Closing of $1,935,631 Flow-Through and Unit Financing
Toronto, Ontario--(Newsfile Corp. - November 11, 2021) - Stratabound Minerals Corp. (TSXV: SB...
About this update from Lode Gold Resources Inc
[{"type":"text","content":"Stratabound Minerals Corp. Announces Closing of $1,935,631 Flow-Through and Unit FinancingToronto, Ontario--(Newsfile Corp. - November 11, 2021) - Stratabound Minerals Corp. (TSXV: SB) (OTCQB: SBMIF) (\"Stratabound\" or the \"Company\") announced that it has closed the final tranche of its non-brokered Flow-Through Unit Private placement (the \"Financing\"). In the first tranche the Company raised proceeds of $361,200.08 through the sale of 3,010,001 Units. In the second and final tranche the Company raised proceeds of $291,248.04 through the sale of 2,427,067 Units. The Company paid finders fees on the final tranche to a qualified finder of $6,780.54. The Company raised a total of $652,448.12. Two insiders of the Company subscribed for an aggregate of 192,000 common shares of the Company on the first tranche. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101 in respect of such insider participation. Pursuant to the terms of the Financing, each Flow-Through Unit is comprised of one common share and one-half of a warrant. One whole warrant will entitle the holder thereof to purchase one non flow-through common share at $0.25 for a period of 1 year from the date of issue. The warrant also contains an acceleration clause wherein if the Common Shares trade at $0.35 for 10 days the Company has the right to accelerate the expiration date upon 30 days' notice to the holders. Securities issued pursuant to this tranche are subject to trading restrictions until March 11, 2022.Proceeds will be used for qualifying exploration expenditures on the Company's Canadian exploration properties.The Corporation also announced that it has closed the final tranche of its non-brokered Common Share Unit Private placement (the \"Financing\"). In the first tranche the Company raised proceeds of $171,179.76 through the sale of 1,426,498 Units. In the second and final tranche the Company raised proceeds of $1,112,004.08 through the sale of 9,266,701 Units. The Company paid finders fees on the final tranche to a qualified finder of $3,390.27. The Company raised a total of $1,283,183.84.An insider of the Company subscribed for an aggregate of 50,063 common shares of the Company in the first tranche. The Company has relied on the exemption...