06:33:43 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Stina Resources Ltd
Symbol SQA
Shares Issued 71,029,771
Close 2018-02-23 C$ 0.295
Market Cap C$ 20,953,782
Recent Sedar Documents

Stina Resources closes $1.7M 2nd tranche of financing

2018-02-26 10:56 ET - News Release

Mr. Brian Stecyk reports

STINA CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT

Stina Resources Ltd. has closed the second tranche of its previously announced non-brokered private placement for gross proceeds of $1,709,839 through the issuance of 6,332,736 units of the company at a price of 27 cents per unit. Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to purchase a common share at an exercise price of 45 cents for a period of three years following the closing of the offering.

Certain eligible finders were paid cash commissions equal to 6 per cent of the proceeds raised from subscribers introduced to the company by such finders and broker warrants equal to 6 per cent of the units issued pursuant to the offering.

Closing of the offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the Canadian Securities Exchange. All securities issued in connection with the offering are subject to a hold period of four months plus one day from the date of issuance and the resale rules of applicable securities legislation. Proceeds of the offering will be used for general working capital purposes.

A director of the company participated in the offering, which participation constitutes a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Such related party transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the company nor, to the knowledge of the company after reasonable inquiry, the related party has knowledge of any material information concerning the company or its securities that has not been generally disclosed. The participants in the offering and the extent of such participation were not finalized until shortly prior to the completion of the offering. Accordingly, it was not possible to publicly disclose details of the nature and extent of related party participation in the offering pursuant to a material change report filed at least 21 days prior to the completion of the offering.

We seek Safe Harbor.

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