- Sterling Metals (SAG) has increased the size of its previously announced non-brokered private placement for aggregate gross proceeds of up to $3,000,000
- The company will issue up to 15,000,000 units at a price of $0.20 per unit
- The net proceeds will be used for general working capital purposes
- Sterling Metals Corp is engaged in the exploration and development of resource properties
- Sterling Metals Corp. (SAG) is up 2 per cent on the day, trading at C$0.255 per share at 4 pm ET
Sterling Metals (SAG) has increased the size of its non-brokered private placement for aggregate gross proceeds of up to $3,000,000.
The company will issue up to 15,000,000 units at a price of $0.20 per unit. Each unit will include one common share and one share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at a price of $0.40 for up to two years from the closing of the offering.
Mathew Wilson, CEO of Sterling Metals commented on the capital raise.
“We are thrilled with the reaction to our investment offering. This upsize reflects the broad interest while maintaining an awareness of dilution of future share appreciation. This financing will position the company for an aggressive 2022 exploration campaign as the company follows up on its Heimdall Zone discovery.”
All securities issued will be subject to a four-month hold period.
The net proceeds will be used for general working capital purposes.
Sterling Metals is engaged in the exploration and development of resource properties. The company is exploring for silver and base metals at its newly acquired Sail Pond project in Northwestern Newfoundland.
Sterling Metals Corp. (SAG) is up 2 per cent on the day, trading at C$0.255 per share at 4 pm ET.
