Business
Stratabound Minerals Corp. Announces Closing of $5.1M Common Share Unit Financing and Extension to Flow Through Financing: Lead Orders Taken by Coast Capital and Jerritt Canyon Canada
Toronto, Ontario--(Newsfile Corp. - September 24, 2020) - Stratabound Minerals Corp. (TSXV: S...
About this update from Lode Gold Resources Inc
[{"type":"text","content":"Stratabound Minerals Corp. Announces Closing of $5.1M Common Share Unit Financing and Extension to Flow Through Financing: Lead Orders Taken by Coast Capital and Jerritt Canyon CanadaToronto, Ontario--(Newsfile Corp. - September 24, 2020) - Stratabound Minerals Corp. (TSXV: SB) (\"Stratabound\" or the \"Company\") announced that it has closed the final tranche of its non-brokered private placement (the \"Financing\"). In the first tranche the Company raised proceeds of $1,194,990 through the sale of 5,974,950 Units. In the second and final tranche the Company raised proceeds of $3,918,000 through the sale of 19,590,000 Units. The Company paid finders fees on the final tranche to qualified finders of $17,750 and issued 88,750 broker warrants, which are on the same terms as the warrants forming part of the Units. The Company raised a total of $5,112,990. Coast Capital Midas Master Fund LP (\"Coast Capital\") and Jerritt Canyon Canada Ltd., (\"Jerritt\"), a company controlled by Eric Sprott, have taken lead orders of 17,500,000 Units and 5,000,000 Units in the Financing respectively. Pursuant to the terms of the Financing, each Unit consists of one common share in the equity of the Company and one-half of a common share purchase warrant (a \"Warrant\"). Each whole Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.30 per share for a period of two (2) years from the closing of the Financing. The Warrants also contain an acceleration clause, in that if the shares trade over $0.40 for more than a 10-day period, the Company may elect upon 30 days' notice, to accelerate the expiry date. Proceeds will be used for exploration expenses, related holding costs to maintain the respective exploration properties, and for general corporate working capital purposes.Coast Capital Lead OrderCoast Capital has subscribed for a total of 17,500,000 Units, which results in them holding 24.9% on a non-diluted basis and 32.46.% on a partially diluted basis. In compliance with exchange policies, they have undertaken not to vote their shares until the Company has received disinterested shareholder approval for the creation of this new control block, as defined by exchange policy.Mr. Chad Tappendorf, Partner, Coast Capital, stated, \"We are delighted to partner with the Stratabound team to help expedite the de...