Stuhini Exploration Ltd. Announces up to $1,500,000 Private Placement with a lead order from Sprott Asset Management LP
Summary
Each NFT Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.60 per Common Share for a period of two years following the closing of the NFT Unit Offering.The aggregate gross proceeds from the FT Unit Offering will be used to incur "Canadian exploration expenses" which qualify as "flow-through mining expenditures" (within the meaning of the Tax Act) ("Qualifying Expenditures") in order to fund exploration programs on Stuhinis Ruby Creek Project and Big Ledge Project which are located in British Columbia. The Company will renounce these expenses to the purchasers with an effective date of not later than December 31, 2022.The aggregate gross proceeds from the NFT Unit Offering will be used to fund exploration programs on the Companys other mineral properties, including the Que Project in the Yukon Territory, the South Thompson Nickel project in Manitoba, and any additional exploration projects acquired or staked in the United States through the Companys wholly owned subsidiary, Arizada Metals Corp, as well as general and administrative expenses.David OBrien, President and Chief executive officer of Stuhini commented: "On behalf of the board of directors, I would like to welcome Sprott Asset Management LP as an important new cornerstone shareholder. During these current challenging market conditions for the junior exploration sector, we are very pleased to have secured the support of one of most prominent and successful funds in the mining industry. Each Finders Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.50 per Common Share for a period of two years following the closing of the Private Placement.It is anticipated that certain directors, officers and other insiders of the Company will acquire FT Units or NFT Units, as applicable, under the Private Placement. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.For further information: David OBrien, President & Chief Executive Officer, Stuhini Exploration Ltd., Email: [email protected], Phone: (604) 835-4019, Web: www.stuhini.com