11:54:27 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Stina Resources Ltd
Symbol SQA
Shares Issued 96,595,005
Close 2018-04-06 C$ 0.45
Market Cap C$ 43,467,752
Recent Sedar Documents

Stina closes $4.83-million in unit, debenture offerings

2018-04-06 08:09 ET - News Release

Mr. Brian Stecyk reports

STINA CLOSES ADDITIONAL $4.8 MILLION UNIT AND DEBENTURE OFFERING

Further to its press release dated March 13, 2018, Stina Resources Ltd. has completed the first tranche of its non-brokered secured convertible debenture financing through the issuance of $2.15-million principal amount of debentures. The debentures mature on the second anniversary of the date of issuance and bear interest at a rate of 9.0 per cent per annum, which shall accrue and be paid on the maturity date. Each debenture shall be convertible into units of the company at a conversion price of 60 cents per unit. Each unit will comprise one common share of the company and one-half of a common share purchase warrant, each whole warrant will be exercisable to purchase a common share at an exercise price of $1 for a period of three years from the date of issuance.

The company is further pleased to announce that, pursuant to its press release dated March 28, 2018, it has closed the second tranche of its fully subscribed non-brokered private placement for gross proceeds of $2,687,999 through the issuance of 8,959,998 units of the company at a price of 30 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 60 cents for a period of three years following the closing of the unit offering.

The balance of the debenture offering and unit offering is expected to close in the coming days.

Eligible persons were paid a cash commission equal to 6 per cent of the proceeds raised from subscribers introduced to the company by such finders and finder warrants equal to 6 per cent of the units issued pursuant to the unit offering. Finders were also paid a cash commission equal to 6 per cent of the proceeds raised from subscribers introduced to the company with respect to the debenture offering.

Closing of the offering is subject to receipt of all necessary corporate and regulatory approvals, including completion of the requisite filings with the Canadian Securities Exchange. All securities issued in connection with the offering are subject to a hold period of four months plus a 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.

We seek Safe Harbor.

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