TORONTO, Sept. 28, 2018 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSXV: SB) (“Stratabound” or “the Company”) is pleased to announce that the Company has made the required payments of cash and shares to continue the Golden Culvert and Little Hyland options through September 27, 2019. Per the terms of the option agreements, Stratabound has paid the Optionors a total of $80,000 in cash and 1,355,934 common shares of Stratabound.
The Company has also taken actions to reduce its debt obligations. First, the Company has converted one of its notes to Bellport Resources Ltd. into shares by making an election provided to Stratabound under the note and issuing 2,400,000 common shares at $0.05 per share to extinguish the $120,000 note. The remaining $130,000 note remains in place and has been extended until June 30, 2019. Additionally, as part of our continuing effort to reduce accounts payable incurred prior to the 2016 reorganization and management changes, Stratabound has agreed to issue 1,386,972 shares to two creditors to settle obligations totaling $76,283 which dated back as far as 2014, at a deemed price of $0.055.
All shares issued as described above will be subject to a hold period of four months and one day.
President and CEO, R. Kim Tyler commented, "We are pleased that we have been able to continue the Golden Culvert and Little Hyland options for another year, as we look forward to receiving the results of the drilling we conducted at the property this summer. We have also made significant strides in cleaning up our balance sheet by settling with several of the old creditors, and by exercising our conversion rights with respect to the Bellport note.”
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 of $0.75 million includes the completed trenching and ongoing drilling to further explore 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.
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.