Stina Resources Ltd. Closes Second Tranche of Private Placement
Vancouver, Feb 26, 2018 - Stina Resources Ltd. (CSE: SQA) (OTCQB: STNUF) (the "Company") is pleased to announce that it has closed the second tranche of its previously announced non-brokered private placement for gross proceeds of $1,709,839 through the issuance of 6,332,736 units ("Units") of the Company at a price of $0.27 per Unit (the "Offering"). Each Unit consists of one common share (a "Common Share") of the Company and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase a Common Share at an exercise price of $0.45 for a period of three (3) years following the closing of the Offering. Certain eligible finders (the "Finders") were paid cash commissions equal to 6% of the proceeds raised from subscribers introduced to the Company by such Finders and Broker Warrants equal to 6% of the Units issued pursuant to the Offering.
Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the Canadian Securities Exchange. All securities issued in connection with the Offering are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. Proceeds of the Offering will be used for general working capital purposes.
A director of the Company (the "Related Party") participated in the Offering, which participation constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Such related party transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the Company nor, to the knowledge of the Company after reasonable inquiry, the Related Party has knowledge of any material information concerning the Company or its securities that has not been generally disclosed. The participants in the Offering and the extent of such participation were not finalized until shortly prior to the completion of the Offering. Accordingly, it was not possible to publicly disclose details of the nature and extent of related party participation in the Offering pursuant to a material change report filed at least 21 days prior to the completion of the Offering.
For further information, please contact:
Brian Stecyk
President
Telephone: 780-953-0111
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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