Stratabound Closes Private Placement by Jerritt Canyon Canada Ltd., Announces Changes to the Board of Directors...
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TORONTO, Dec. 17, 2019 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSXV: SB) (“Stratabound” or “the Company”) is pleased to announce that it has closed the non-brokered private placement announced on December 9, 2019. Furthermore, the Company is also extremely pleased to announce that Jerritt Canyon Canada Ltd. has subscribed for the private placement, that two new appointments have been made to the Company’s Board of Directors and that the second anniversary payment terms have been completed on the Golden Culvert and Little Hyland amended option agreements.
The Company has issued 4,000,000 units (“Units”) at a price of $0.05 per Unit for gross proceeds of $200,000. Each Unit consists of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable for one common share at $0.09 for 24 months from the date of issue. The proceeds of the Private Placement will be used for general corporate purposes. No fees were paid in the Private Placement.
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.
Participation by Jerritt Canyon Canada Ltd.
The Company is extremely pleased to announce that all 4,000,000 Units in the Private Placement were subscribed by Jerritt Canyon Canada Ltd. Jerritt Canyon Canada Ltd. is the parent company of Jerritt Canyon Gold LLC, a private, growing mid-tier North American gold producer with its primary operating asset, the Jerritt Canyon Mine located 50 miles north of Elko, Nevada.
New Appointments to the Board of Directors
The Company is pleased to announce the appointment of Mr. Rodney Lamond, P.Eng. and Mr. Hashim Ahmed, CA to the Board of Directors of Stratabound.
Mr. Lamond is a Professional Mining Engineer with over 30 years of mining experience. Mr. Lamond is currently President and Chief Executive Officer of Jerritt Canyon Gold LLC and Chairman of the Board of Directors of Jaguar Mining Inc. Previously Mr. Lamond was President and CEO of Jaguar Mining from December 2015 to August 2018. Mr. Lamond was also the President and CEO of Crocodile Gold, a gold producer with assets in Australia, prior to the 2015 business combination with Newmarket Gold (now Kirkland Lake Gold). Mr. Lamond holds a Bachelor of Engineering degree in Mining Engineering from Laurentian University and is a member of the Association of Professional Engineers of Ontario.
Mr. Ahmed has been Chief Financial Officer of Jaguar Mining Inc. since 2015 and brings over 20 years of experience with the past 12 years focused in the mining industry, and expertise in financial management, strategy, corporate turnaround, and capital markets. He obtained his CA designation with PricewaterhouseCoopers LLP and later worked with Ernst & Young LLP in their mining advisory practice. Prior to Jaguar, Mr. Ahmed worked with Barrick Gold for over seven years, where he held progressively senior positions in finance functions in Canada, and with site finance teams in South America. Mr. Ahmed is also a member of the Institute of Internal Auditors (IIA) USA and a Board member of Financial Executives International (FEI) Canada.
Completion of Golden Culvert and Little Hyland Second Anniversary Option Payments
The second anniversary option payments to continue the Company’s objective of 100% acquisition of both of the Golden Culvert and Little Hyland Properties were successfully completed as previously agreed to under the amended option agreement terms announced on December 5, 2019. The payments totalled $105,000 comprised of $60,000 in cash and $45,000 by way of share issuances totalling 873,786 shares at a 30-day value weighted average price of $0.0515 per share.
Board and Management Retirements
The Company also announces regretfully that Margaret “Peggy” Kent, Chairperson has retired from the Stratabound Board. Mr. Richard Meschke, CFO, has also retired from the Company.
R. Kim Tyler, President and CEO of Stratabound stated, “We are extremely pleased to have Jerritt Canyon Canada participate in our Private Placement and take a significant ownership position in Stratabound Minerals Corp. It is also a tremendous bonus to welcome Rodney and Hashim to the Board of Directors whose deep experience and high-calibre credentials will bring great depth, profile and investor confidence to our Company as we advance our projects and the Company. With the private placement, new board appointments and Yukon property payments completed we are set to move forward with our plans into 2020.”
“We wish Ms. Kent and Mr. Meschke the very best in their retirement and express our sincere thanks for their guidance and support over the last four years. Through their dedication and leadership, the Company has been maintained as a going concern despite the very difficult market conditions that have plagued the junior mining sector. Ms. Kent and Mr. Meschke have fulfilled their commitment to sustaining Stratabound’s shareholders by acquiring the financing for the Golden Culvert option and initial exploration program and by transferring the management of the Company into strong hands as Stratabound transitions to an exploration focus as opposed to the prior emphasis on seeking acquisition opportunities capable of near-term production."
The Company has a new CFO candidate in consideration and expects to make an announcement shortly.
Stratabound Minerals Corp. is a Canadian exploration and development company focused on gold exploration at its flagship Golden Culvert Project, Yukon Territory and its McIntyre Brook Project, New Brunswick, Canada. The Company also holds a significant land position in New Brunswick that hosts three base metals deposits in the Bathurst base metals camp featuring the Captain Copper-Cobalt Deposit that hosts an NI 43-101 Measured and Indicated Resource.
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 416-915-4157 email@example.com www.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.
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.
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