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TORONTO, May 10, 2018 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSXV:SB) (“Stratabound” or “the Company”) is pleased to announce that it has closed the non-brokered private placement (the “Private Placement”) offering of units (the “Units”) of the Company, and common shares offered on a flow-through basis (the “Flow-Through Shares”) as first announced on April 27, 2018. Each Unit consisted 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 were priced at $0.055. The Company received gross proceeds of $1,002,579 including $360,080 for a total of 6,546,908 Units and $642,499 for a total of 11,681,791 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. Cash fees of $70,181 and 1,276,009 broker warrants were paid to Dundee Securities Ltd. in respect of the Private Placement. The broker warrants are exercisable for one common share at $0.055 for 18 months from the date of issue.
President and CEO R. Kim Tyler commented, "Closing this financing is great news for Stratabound shareholders as we are now fully funded to complete the first trenching and diamond drilling ever to be performed on the Golden Culvert Project. We are extremely pleased that our confidence in the quality of the Project is shared with our new shareholders who have participated in the financing. Contractors have been secured and mobilization of excavation equipment is scheduled to arrive at the Project during the last week of May. Construction of the 2 km road to the work site is scheduled to commence the 1st of June. Completion of the road and 750 metres of trenching and construction of diamond drill pads will require most of the month whereupon a minimum 600 metres of diamond drilling over six holes will follow. Other plans include geological mapping, prospecting and continued soil sampling of the open-ended, 3 km +30 ppb gold-in-soil anomaly. As we have indicated previously, a significant amount of the 24 km property strike length remains unexplored."
Kim Tyler will be presenting the Golden Culvert Project at the TakeStock Investors Forum to be held in Calgary, Alberta at 12:00 pm on May 31st, 2018.
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.