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Stelmine closes $ 700,000 private placement

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Stelmine closes $ 700,000 private placement

QUÉBEC CITY, June 11, 2021 (GLOBE NEWSWIRE) – Stelmine Canada (STH-TSXV) (“Stelmine“Or the”Business”) Is pleased to announce that it has closed its recently announced non-brokerage private placement (the“ Offer ”). A total of 5,384,614 units of Stelmine (the “Units”) were issued at a price of $ 0.13 per unit with gross proceeds of $ 700,000. Each unit comprised one Stelmine common share and half of a common share purchase guarantee. Each full guarantee entitles the holder to purchase one common share of the company at $ 0.20 for a period of 36 months from issuance. Warrants are enforceable from Stelmine in the event that the company’s common shares exceed $ 0.30 during a period of 20 consecutive business days after the four-month suspension.

Three (3) Company insiders participated in the private placement for total gross proceeds of $ 16,750. These insiders bought units on the same terms as the other investors. The participation of these insiders is exempt from the formal requirements for the assessment and approval of shareholders in accordance with Sections 5.5 (a) and 5.7 (1) (a) of Multilateral Instrument 61-101 – Protection of minority security holders in special transactions, on the basis that the fair market value of said participation or the consideration paid by said insiders does not exceed 25% of the company’s market capitalization.

All securities issued in connection with this offering are subject to a retention period of four months and one day. The private placement is subject to approval by the TSX Venture Exchange. Stelmine has not filed a material change report in the 21 days prior to the placement, except in relation to the placement.

Stelmine has now raised total gross proceeds of $ 1.4 million this month in two separate financings with strategic investors. The funds will be used for exploration of the Courcy and Mercator projects in the Caniapiscau region and for general working capital purposes. In connection with this placement, the Company will pay a seeker’s fee of $ 23,244.

About Stelmine Canada

Stelmine is a pioneering junior mineral exploration company in a new gold district (Caniapiscau) east of James Bay in the poorly explored eastern part of the Opinaca metasedimentary basin, where the geological context has similarities to the Eleonore mine. Stelmine has 100% ownership of 1,574 claims or 815 km² in this part of northern Quebec, highlighted by the Courcy and Mercator projects.

Forward-looking statements

Certain information in this press release may contain forward-looking statements, such as statements regarding expected closure and anticipated use of offering proceeds, acquisition and expansion plans, availability of quality acquisition opportunities, and company growth. This information is based on current expectations and assumptions (including assumptions regarding obtaining all necessary approvals for the offer and general economic and market conditions) that are subject to significant risks and uncertainties that are difficult to predict. Actual results may differ materially from the results suggested in any forward-looking statement. Risks that could cause results to differ from those stated in the forward-looking statements in this release include those related to the ability to complete the offering on the terms described above. The Company does not undertake any obligation to update the forward-looking statements, or to update the reasons why actual results may differ from those reflected in the forward-looking statements unless and until required by the securities laws applicable to the company. Additional information identifying risks and uncertainties is found in the Company’s filings with Canadian securities regulators, the filings of which are available at www.sedar.com.

Caution statement

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.

NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO THE US NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFERING OF THE SECURITIES DESCRIBED IN

For more information contact:

Isabelle Proulx, President and CEO
Email: [email protected]
Tel: 418-626-6333

Follow us:

Website: https://stelmine.com/en/
Twitter: https://twitter.com/Stelmine1
LinkedIn: http://www.linkedin.com/company/stelmine-canada-ltd
Facebook: https://www.facebook.com/StelmineCanada/

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