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Sterling Metals Announces Closing Of Private Placement Of Units
TORONTO, ON / ACCESS Newswire / March 25, 2025 / Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGD...
About this update from Sterling Metals Corp.
[{"type":"text","content":"Sterling Metals Announces Closing Of Private Placement Of UnitsTORONTO, ON / ACCESS Newswire / March 25, 2025 / Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGD) (\"Sterling\" or the \"Company\") is pleased to announce that, further to its press releases of March 4, 2025, March 12, 2025 and March 17, 2025, the Company has closed a non-brokered private placement through the issuance of 6,082,000 units (each, a \"Unit\") at a price of $0.25 per Unit for aggregate gross proceeds of $1,520,500 (the \"Offering\"). Each Unit is comprised of one common share (each, a \"Common Share\") in the capital of the Company and one-half of one Common Share purchase warrant (each whole warrant, a \"Warrant\") of the Company. Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.40 per Common Share for a period of two (2) years from the closing of the Offering.In connection with the Offering, the Company paid certain eligible persons (the \"Finders\") a cash commission of $8,250 equal to 6% of the gross proceeds of the Offering and issued 33,000 broker warrants (each, a \"Broker Warrant\") equal to 6% of the number of Units issued pursuant to the Offering. Each Broker Warrant entitles the holder thereof to acquire one Common Share at a price of $0.40 per Common Share for a period of two (2) years from the closing of the Offering.All securities issued pursuant to the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The net proceeds from the sale of the Units will be used for general working capital purposes. The closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.The Offering constituted a related party transaction 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\") as insiders of the Company subscribed for an aggregate 400,000 Units pursuant to the Offering. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not li...