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TORONTO, April 27, 2018 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSXV:SB) (“Stratabound” or “the Company”) is pleased to announce a non-brokered private placement (the “Private Placement”) offering of $1,000,000. The Private Placement will include both units (the “Units”) of the Company, and common shares offered on a flow-through basis (the “Flow-Through Shares”). Each Unit consists of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable for one common share at $0.08 for 24 months from the date of issue. Both the Units and the Flow-Through Shares have been priced at $0.055. The Company has received commitments of $465,000 for Units and $535,000 for Flow-Through Shares.
The proceeds of the Private Placement will be used to fund the summer 2018 exploration program at the Golden Culvert property and for other payments directly related to the property.
All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. Completion of the Offering remains subject to acceptance by the TSX Venture Exchange. A fee of 7% cash and 7% broker warrants will be paid to agents who introduce investors who subscribe to the Private Placement. Any broker warrants issued will be exercisable for one common share at the above-stated price per Unit or Flow-Through Share for 18 months from the date of issue.
President and CEO R. Kim Tyler commented, "We are very encouraged by the success of the recently closed private placement, and we are extremely pleased to announce these additional Private Placements which will provide funding for the Company’s summer exploration programs at the Golden Culvert project in the Yukon. As we have indicated previously, our plans include improving the 2 km ATV access trail to a road to facilitate an exploration program of trenching and drilling of this exciting project as well as geological mapping, prospecting and extending the +30ppb gold-in-soil geochemical anomaly where it remains open at both ends beyond the current 3 km strike length. Despite the quality of results discovered to date, a significant amount of the 24 km property strike length remains unexplored."
Mr. R. Kim Tyler, P.Geo., President and CEO of Stratabound, is a “Qualified Person” for the purpose of NI 43-101 and has reviewed and approved the contents of this news release.
About the Golden Culvert and Little Hyland Properties
Golden Culvert and Little Hyland cover 83.8 square kilometres across a 24-kilometre strike located approximately 20 kilometres northeast of and parallel to Golden Predator Mining Corp.’s 3 Aces property. Work filed in Yukon mineral claims assessment reports has outlined a northerly trending, 3 kilometre by 250 metre, +30 ppb Au up to 791 ppb Au gold-in-soil anomaly that remains open at both ends. The soil anomaly is centred around partially exposed primary gold-bearing quartz veins grading between 7.7 to 22.8 gpt gold over 1 metre and complimentary gold-bearing quartz vein stockwork within a larger silicified, altered, sulphide and gold-bearing wallrock grading up to 2.27 gpt gold over 0.5 metre.
To date a total of $564,400 of work has been done on the Property, including 3,645 soil samples, 48 stream samples, 239 rock samples, 19.4 line-km of ground magnetic survey and 18.5 line-km of VLF survey.
About Stratabound
Stratabound Minerals Corp. is a Canadian exploration and development company focused on the Yukon Territory and to a lesser extent the Bathurst Mining Camp in New Brunswick. Stratabound management has a diversified track record of exploration, development and operating successes that will facilitate the development of the Company’s exploration projects.
For further information, please see the Golden Culvert presentation and the NI 43-101 technical report on the Stratabound web site, www.stratabound.com.
For further information contact:
R. Kim Tyler, President and CEO
416-915-4157
info@stratabound.com
www.stratabound.com
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.
WARNING: The Company relies upon litigation protection for “forward looking” statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, failure to obtain regulatory, exchange or shareholder approval, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.