Stuve Gold Corp. Announces Closing of Private Placement of Convertible Debentures

About this update from Stuve Gold Corp.

[{"type":"text","content":"Stuve Gold Corp. Announces Closing of Private Placement of Convertible Debentures\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Calgary, Alberta –\n \n TheNewswire -\n \n January 30,\n2023; Stuve Gold Corp. (the “\n \n Corporation\n \n ” or “\n \n Stuve\nGold\n \n ”) (TSXV:\n \n STUV\n \n ) is\npleased to announce the closing of its previously announced\nnon-brokered, unsecured, convertible debentures (the \"\n \n Debentures\n \n \") for gross proceeds\nof CAD $650,000 (the \"\n \n Offering\n \n \") (see Stuve Gold’s press release dated\nAugust 4, 2022).\n \n \n The Debentures carry interest at a rate of seven percent (7%) per\nannum, and mature two (2) years from the date of issue. The Debentures\nmay be convertible by the holders at any time prior to maturity into\ncommon shares of the Corporation (“\n \n Common Shares\n \n ”) at a conversion price of $0.06 per Common\nShare if converted within one (1) year of issue or at a conversion\nprice of $0.10 per Common Share if converted thereafter.\n \n \n Proceeds from the Offering will be used to fund the general working\ncapital requirements of the Corporation, to pay annual claim taxes and\nto fund the next US $100,000 payment required to be made pursuant to\nthe acquisition of the Inca property located in Chile.\n \n \n The securities issued will be subject to a four month hold period from\nthe date of the closing of the Offering.\n \n \n \n Insider Participation in\nOffering\n \n \n \n A director and officer of the Corporation participated in the\nOffering. As an insider of Stuve Gold participated in the Offering,\nthe Offering is deemed to be a \"related party transaction\"\nas defined under Multilateral Instrument 61-101-\n \n Protection of Minority Security Holders in\nSpecial Transactions\n \n (\"\n \n MI\n61-101\n \n \").\n \n \n Al Kroontje, a director and officer of the Corporation, owns directly\nor indirectly, prior to the completion of the Offering, approximately\n \n 5,080,000\n \n Common Shares, representing\napproximately\n \n 17.13% of the total outstanding Common\nShares\n \n \n and also owns convertible securities\n(options) entitling Mr. Kroontje to acquire 383,333 Common\nShares.\n \n \n Upon the completion of the Offering,\nMr. Kroontje will continue to own directly or indire...

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