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Strata Minerals Inc. Announces Results of AGM and Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - December 17, 2013) - Strata Minerals Inc. (TSXV...
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[{"type":"text","content":"Strata Minerals Inc. Announces Results of AGM and Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - December 17, 2013) - Strata Minerals Inc. (TSXV: SMP) (\"Strata\" or the \"Company\") is pleased to announce that it held its Annual General Meeting on December 11, 2013 (the \"AGM\"). At the AGM, the shareholders of the Company approved the following: Hugh Agro, Peter Kozicz, Peter Ellery, Brent Lokash, Jason Bahnsen and Richard Kelertas were re- elected as directors of the Company for the ensuing year; BDO Canada LLP were re-appointed as the auditors of the Company for the ensuing year; The Company's \"rolling\" 10% stock option plan was adopted; and The Company approved, by special resolution, to alter the share capital of the Company by consolidating all of the issued and outstanding common shares of the Company, of which 80,806,620, are issued, on a one (1) new for ten (10) old common share basis (the \"Share Consolidation\"). The Company is proceeding to implement the Share Consolidation, which is subject to the approval of the TSX Venture Exchange. The Company is also pleased to announce that it will undertake, on a post-Share Consolidation basis, a non-brokered private placement to sell up to 16,666,667 units (the \"Units\") at a price of $0.12 per Unit for aggregate proceeds of up to $2,000,000.Each Unit consists of one common share of the Company and one-half of one share purchase warrant. Each warrant will entitle the purchaser to purchase an additional common share at a price of $0.12 per share for a period of eighteen months following the closing of the offering. Where the Strata common shares trade for twenty (20) consecutive trading days at a weighted average trading price of not less than $0.18 per share, Strata may accelerate the expiry of the warrants, such that the warrants shall expire within 30 days of the issuance of a news release by Strata disclosing such accelerated expiry. The net proceeds of the financing will be used to meet a condition of closing the Option Agreement for the Diamond Mountain phosphate project in Utah, which the Company announced on November 13, 2013, and for general working capital purposes.A finder's fee may be paid in connection with the offering and the securities issued under the offering will be subject to a four month hold period from the date of closin...