Stratabound Announces Working Capital Loan
Toronto, September 27, 2023 - Stratabound Minerals Corp. (TSXV: SB) (OTCQB: SBMIF) ("Stratabound" or the "Company") announces that it has entered into two short term loan agreements of $250,000 with each of R.W. TOMLINSON LIMITED and COAST CAPITAL MIDAS MASTER FUND, LP a Cayman Islands exempted limited partnership, both insiders of the Company.
The agreements contemplate repayment in 3 months, bear interest at 20% per annum and are convertible at the option of the lender at a price per common share equal to the lowest price per common share that the Maker offers in any subsequent transaction after the date hereof, subject to exchange approval.
President and CEO R. Kim Tyler commented, "We are again pleased to have the support of our long-term partners and shareholders R. W. Tomlinson Limited and Coast Capital in seeing us through our financial restructuring during these very difficult marketing conditions. These short term loans will bridge us through to larger funding, marketing and work plans we hope to announce shortly. We are appreciative and acknowledge that both partners and shareholders continue to perceive, share and support the Company's value creation potential."
About Stratabound Minerals Corp.
Stratabound Minerals Corp. is a Canadian mineral exploration and development company that is developing its advanced-stage flagship Fremont Gold Project in the historic Mother Lode Gold Belt of California. The Fremont Property features an NI 43-101 Mineral Resource Estimate (MRE) of 1.16 million Au ounces at an average grade of 1.90 g/t Au within 19.0 million tonnes in the Indicated classification, plus 2.02 million ounces at an average grade of 2.22 g/t Au within 28.3 million tonnes in the Inferred Mineral Resource classification. This current MRE evaluates only 1.4 km of the entire 4 km strike length of the Fremont Property that features four gold-mineralized zones. The Company is also advancing its pipeline of early-stage exploration projects in Canada including the Golden Culvert and Win Gold Projects, Tombstone Gold Belt, YT, the McIntyre Brook Gold Project, the Captain Cobalt Copper-Gold Deposit in New Brunswick, and the Dingman Gold Project, Ontario.
For more information, please visit the company's website at www.stratabound.com or contact: R. Kim Tyler, President and CEO 416-915-4157 info@stratabound.com.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/182167
