- StraightUp Resources (ST) has completed a high-resolution heliborne magnetic survey (MAG) on the RLX properties
- The heliborne magnetic survey covered the entire property and preliminary results have been received
- StraightUp has launched non-brokered financing to raise up to C$2,000,000
- The company has closed the first tranche of the financing for a capital raise of $301,100
- The company has approved a 10 per cent rolling restricted share unit plan
- StraightUp has entered into a 12-month marketing and consulting contract with Toronto-based marketing firm, North Equities Corp
- StraightUp Resources is engaged in the business of mineral exploration and the acquisition of mineral property assets in North America
- Straightup Resources Inc. (ST) is currently trading at C$0.23 per share
StraightUp Resources (ST) has completed a high-resolution heliborne magnetic survey (MAG) on the RLX properties.
The heliborne magnetic survey consists of 2,985 line-km at 50m line spacings covering the entire property and preliminary results have been received with the final report expected in early October.
The MAG survey is designed to provide geological and structural details. Interpretation of the results will be used to aid in identifying structural features, lithological contacts and rock types associated with potential gold mineralization and vector exploration efforts to those areas of high merit. The properties are located in the Red Lake Greenstone Belt 25 km east of the Red Lake.
The company has the right and option to acquire 100 per cent undivided interest in the Property, with claims covering over 10,000 hectares (Figure 1).
StraightUp’s President and CEO, Mr. Mark Brezer, remarked on the survey.
“These projects are in the heart of the Red Lake Mining District, an area that is seeing a resurgence of gold bearing deposits that were overlooked in the past. RLX North and South almost completely surround Great Bear Resources Sobel Project and with our accumulated data from the region and upcoming MAG results, we can better pin-point future drill programs. It is exciting to see how the adoption of technology has led to such advanced interpretation and with computer modelling, revolutionization of the industry.”
StraightUp has launched non-brokered financing to raise up to C$2,000,000. Each unit offered consists of one common share issued at a price of $0.20 and one-half of one transferable common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of C$0.30 for a period of two years from the closing date.
If the common shares trade on the Canadian Securities Exchange (the “CSE”) at a price of $0.50 or greater per common share for a period of 10 consecutive trading days, the company may accelerate the expiry of the warrants by giving notice to the holders and the warrants would expire on the 31st day after the date of such notice.
The company has closed the first tranche of the financing for a capital raise of $301,100 through the issuance of 1,505,500 common shares and 752,750 warrants.
The net proceeds from the financing will be used to fund upcoming exploration projects and property expenditures.
The company has approved a 10 per cent rolling restricted share unit plan. The company may issue up to 10 per cent of its issued capital as restricted share units to eligible directors, officers, employees and consultants.
StraightUp has entered into a 12-month marketing and consulting contract with Toronto-based marketing firm, North Equities Corp. North Equities specializes in creating investor focus through various social media platforms and prioritizes millennial-focused social media channels.
StraightUp Resources is a public company engaged in the business of mineral exploration and the acquisition of mineral property assets in North America. StraightUp intends to conduct exploration on the RLX North, RLX South, Belanger and the Ferdinand Gold Property, all located in the Red Lake Mining Division, as well as the recently acquired Bear Head Gold Project, located within the Meen-Dempster Greenstone Belt of the Uchi Subprovince, approximately 80km west of the Pickle Lake Gold Camp.
Straightup Resources Inc. (ST) is currently trading at C$0.23 per share.