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TORONTO, March 28, 2018 — Stratabound Minerals Corp. (TSX-V:SB) (“Stratabound” or “the Company”) is pleased to announce that it has closed the first tranche of the non-brokered private placement offering (the “Private Placement”) which was first announced on February 20, 2018.
The Company has issued 3,830,036 units (the “Units”) at a price of $0.055 per Unit for gross proceeds of $210,652. Each Unit consists of one common share of the Company and one-half of one transferable share purchase warrant (a “Warrant”). Each Warrant will be exercisable for one common share at $0.08 for 24 months from the date of issue. As noted previously, the Company’s major shareholder has subscribed for the lead order of the Private Placement.
All securities issued pursuant to the Private Placement are subject to a statutory hold period through July 27, 2018 in accordance with applicable securities legislation. Fees of $4,929.50 and 86,100 non-transferable finder warrants (exercisable for one common share at $0.055 for 18 months from the date of issue) were paid in respect of the first tranche of the Private Placement. A total of 1,230,000 Units were purchased under the existing shareholder exemption. As previously mentioned, the funds raised in the Private Placement are being used for the Golden Culvert and Little Hyland option acquisition and of general working capital purposes.
The Company continues to receive subscriptions for the remaining approximately 3.4 million Units of the Private Placement offering, and expects to close the final tranche of the Private Placement in early April.
Kim Tyler, Stratabound’s president and CEO, commented, “We are pleased to have closed the first $210,000 of the Private Placement, and we continue to receive strong interest in the Company and the Golden Culvert project. We have an exceptional project in the right location with the right geology and the right management team. Once we can get on the ground in May to start our exploration program, we expect to have good exploration success. We have exceptional showings and soil geochemistry that demonstrate that we have above-average opportunities to discovery a new major gold deposit.”
About the Golden Culvert and Little Hyland Properties
Golden Culvert and Little Hyland cover 83.8 square kilometres across a 24-kilometre strike located approximately 20 kilometres northeast of and parallel to Golden Predator Mining Corp.’s 3 Aces property. Work filed in Yukon mineral claims assessment reports has outlined a northerly trending, 3 kilometre by 250 metre, +30 ppb Au up to 791 ppb Au gold-in-soil anomaly that remains open at both ends. The soil anomaly is centred around partially exposed primary gold-bearing quartz veins grading between 7.7 to 22.8 gpt gold over 1 metre and complimentary gold-bearing quartz vein stockwork within a larger silicified, altered, sulphide and gold-bearing wallrock grading up to 2.27 gpt gold over 0.5 metre.
To date a total of $564,400 of work has been done on the Property, including 3,645 soil samples, 48 stream samples, 239 rock samples, 19.4 line-km of ground magnetic survey and 18.5 line-km of VLF survey.
Stratabound Minerals Corp. is a Canadian exploration and development company focused on the Yukon Territory and to a lesser extent the Bathurst Mining Camp in New Brunswick. Stratabound has a portfolio of quality properties including:
- The Golden Culvert gold-silver property in the southeast Yukon.
- The Little Hyland gold-silver property in the southeast Yukon.
- The Captain copper-cobalt property in the Bathurst area of New Brunswick.
- The CNE base metal property in the Bathurst area of New Brunswick.
- The Taylor Brook base metal property in the Bathurst area of New Brunswick (currently under option to Bandera Gold Ltd.).
Stratabound management also has a diversified track record of exploration, development and operating successes that includes the Kemess mine in British Columbia; the Colomac mine in the Northwest Territories; the Nighthawk Lake mine in Timmins, Ontario; the Matachewan mine in Ontario; the Pine Point project in the Northwest Territories; rescuing the Caribou mine in New Brunswick from an insolvency auction; Olympic Dam mine in Australia, the Siguiri gold project in Guinea; Norilsk Nickel’s projects in Siberia and Western Australia; and Vale and Rio Tinto Minerals in North America.
For further information, please see the Golden Culvert presentation and the NI 43-101 technical report on the Stratabound web site, www.stratabound.com.
For further information contact:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
WARNING: The Company relies upon litigation protection for “forward looking” statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, failure to obtain regulatory, exchange or shareholder approval, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.