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StrategX Elements Closes Private Placement and Awarded a Grant By the Government Of the Northwest Territories
Vancouver, British Columbia--(Newsfile Corp. - June 30, 2022) - StrategX Elements Corp. (CSE: STGX) ("StrategX" or the "Company") has closed its non-brokered pr
About this update from Strategx Elements Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - June 30, 2022) - StrategX Elements Corp. (CSE: STGX) (\"StrategX\" or the \"Company\") has closed its non-brokered private placement (the \"Private Placement\") previously announced on June 1, 2022, and has issued 2,836,050 units at $0.30 per unit for total gross proceeds of $850,815. Each unit is comprised of one common share and ½ share purchase warrant, with each whole warrant being exercisable for one common share at a price of $0.45 for three years. StrategX paid a total of $18,000 cash as finder's fees in connection with the Private Placement. All securities issued at closing are subject to a hold period expiring November 1, 2022, in accordance with applicable securities laws and the policies of the CSE. StrategX also announces that it was recently awarded a $120,000 grant by the Government of the Northwest Territories (\"NWT\") through the Mineral Incentive Program (\"MIP\"), based on a proposal submission to advance the Company's 100%-owned cobalt Project 939. These funds will be allocated towards a first phase drill program and to be spent prior to March 31, 2023. This will be the third grant received to date which has contributed towards developing and defining the exploration targets in the region of the East Arm of the Great Slave Lake. The MIP is intended to stimulate and sustain mineral exploration activities throughout the NWT. The support shown through the MIP is seen by StrategX as a progressive move by the NWT government to promote exploration and mining as an important economic driver in the local economy. Darren Bahrey, the CEO, President, and a director of the Company (the \"Insider\"), participated in the financing through a private company controlled by him, and purchased 55,550 units for gross proceeds of $16,665. Participation by the Insider in the Private Placement is considered a \"related party transaction\" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). StrategX is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insider's participation in the Private Placement in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the Private Placement by the Insider did not ex...