Source: Stelmine Canada
  • Stelmine Canada (STH) has closed a non-brokered private placement of flow-through units for gross proceeds of $933,253.50
  • The company issued a total of 3,110,845 FT units at a price of $0.30 per FT unit
  • Michael Gentile, an existing investor, acquired 469,670 FT units in the offering
  • Stelmine is a junior mining exploration company
  • Stelmine Canada Ltd. was unchanged at $0.175 at 10:04 AM ET

Stelmine Canada (STH) has closed a non-brokered private placement of flow-through units for gross proceeds of $933,253.50.

The company issued a total of 3,110,845 FT units at a price of $0.30 per FT unit.

Each FT unit consisted of one flow-through common share and one-half of a non-flow-through common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at a price of $0.26 per common share until December 20, 2024.

Michael Gentile, an existing investor, acquired 469,670 FT units in the offering. That represents approximately 9.9 per cent of the issued and outstanding common shares of the company on a partially diluted basis assuming full exercise of his warrants.

Gentile, who has an extensive institutional money management background, is an active and strategic investor in the junior mining sector. He owns significant stakes in over 20 small-cap exploration companies.

The company will use the gross proceeds of the offering to incur “Canadian exploration expenses” that qualify as “flow-through mining expenditures.”

The securities issued regarding the offering are subject to a statutory four-month hold period ending on April 21, 2023.

Stelmine is a junior mining exploration company pioneering a new gold district (Caniapiscau) east of James Bay in the under-explored eastern part of the Opinaca metasedimentary basin where the geological context has similarities to the Eleonore mine.

Stelmine Canada Ltd. was unchanged at $0.175 at 10:04 AM ET.


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