TORONTO, July 12, 2018 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSX-V:SB) (“Stratabound” or “the Company”) is pleased to announce the closing of the non-brokered private placement (the “Private Placement”) offering of $495,125 first announced on June 27, 2018. The Private Placement included 275,000 units (the “Units”) of the Company, and 8,727,272 common shares offered on a flow-through basis (the “Flow-Through Shares”). Each Unit consisted of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable for one common share at $0.08 for 24 months from the date of issue. Both the Units and the Flow-Through Shares were priced at $0.055.
The proceeds of the Private Placement will be used to fund the summer 2018 exploration program at the Golden Culvert property and for other payments directly related to the property. All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. A director and officer of the Company subscribed for Units under the Private Placement. The company paid fees of $36,000 cash and 654,544 finder warrants to persons who introduced subscribers to the Private Placement. The finder warrants are exercisable for one common share at $0.055 for 18 months from the date of issue.
About the Golden Culvert and Little Hyland Properties
Golden Culvert and Little Hyland cover 83.8 square kilometres in the southeast Yukon Territory 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.
Prior to this summer’s exploration program a total of $564,400 of work had 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. This summer’s program includes trenching and drilling to further define the highly mineralized areas of the property.
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 management has a diversified track record of exploration, development and operating successes that will facilitate the development of the Company’s exploration projects.
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:
R. Kim Tyler, President and CEO
Ritu Gupte, Investor Relations Consultant
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.