Toronto, Ontario--(Newsfile Corp. - December 23, 2020) - Stratabound Minerals Corp. (TSXV: SB), (OTC Pink: SBMIF)("Stratabound" or the "Company") announced that it has closed a non-brokered private placement (the "Financing"). The Company raised proceeds of $2,056,971.83 through the sale of 6,635,393 Units at a price of $0.31 per Unit.
Each Unit consists of one common share in the equity of the Company and one-third of a common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.45 per share for a period of two (2) years from the closing of the Financing. The Warrants also contain an acceleration clause, in that if the shares trade over $0.55 for more than a 10-day period, the Company may elect upon 30 days' notice, to accelerate the expiry date.
Proceeds will be used for holding costs to maintain the Company's exploration properties, acquisitions and for general corporate working capital purposes.
President and Chief Executive Officer R. Kim Tyler stated, "This non-brokered private placement was taken up in its entirety by a well-regarded, long term American institutional investor who sees the underlying value and long-term growth potential in our Company. We are pleased to include them along with our other recent long-term investors."
About Stratabound Minerals Corp. Stratabound Minerals Corp. is a Canadian exploration and development company focused on gold exploration at its flagship Golden Culvert Project, Yukon Territory and its new McIntyre Brook Project, New Brunswick, Canada. The Company also holds a significant land position that hosts three base metals deposits in the Bathurst base metals camp of New Brunswick featuring the Captain Copper-Cobalt-Gold Deposit that hosts an NI 43-101 Measured and Indicated Resource.
For more information please visit the company's website at www.stratabound.com.
For further information contact: R. Kim Tyler, President and CEO 416-915-4157 firstname.lastname@example.org
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