We are pleased to extend a warm welcome to our new shareholders, whose participation has significantly increased our institutional ownership. We look forward to providing project updates in the coming weeks.'
The Offering was led by
A Form 45-106F19 Listed Issuer Financing Document dated
The Charity FT Units and FT Units were offered by way of a marketed 'best efforts' private placement offering to 'accredited investors' or pursuant to other available prospectus exemptions under National Instrument 45-106 Prospectus Exemptions in all provinces of
Each Charity FT Unit is comprised of one charity flow-through common share (a 'Charity FT Share') and one transferable charity flow-through common share purchase warrant (each, a 'Warrant'). Each FT Unit is comprised of one flow-through common share (a 'FT Share') and one transferable flow-through Warrant. Each HD Unit is comprised of one common share (a 'HD Share') and one transferable Warrant. Each Warrant shall be exercisable into one additional non-flow-through common share of the Company until
As consideration for services provided by the Agent in connection with the Offering, the Company: (i) paid a cash commission in the amount of approximately
The net proceeds of the Offering from the HD Units will be used for exploration and development of the Company's mineral projects and for working capital and general corporate purposes. The aggregate gross proceeds raised from the Charity FT Units and FT Units will be used before 2024 for exploration expenditures which will constitute Canadian exploration expenses (within the meaning of subsection 66(15) of the Income Tax Act (
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the final acceptance of the
The Offering constituted a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101') as an insider of the Company subscribed for 936,700 HD Units pursuant to the Offering. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the participation in the Offering by the insider does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the of the Offering, which the Company deems reasonable in the circumstances in order to complete the Offering in an expeditious manner.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in
About
Contact:
Tel: (416) 643-3887
Email: info@sterlingmetals.ca
Web: www.sterlingmetals.ca
This news release contains certain 'forward-looking information' within the meaning of applicable securities laws. Forward looking information is frequently characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'may', 'will', 'would', 'potential', 'proposed' and other similar words, or statements that certain events or conditions 'may' or 'will' occur. In particular, this press release contains forward looking statements concerning the anticipated use of proceeds of the Offering. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
(C) 2023 Electronic News Publishing, source