Stratabound Provides Update on Golden Culvert Project Exploration and Announces Reelection of Directors, Private Placement and Engagement of Investor Relations Consultant
TORONTO, June 27, 2018 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSXV:SB) (“Stratabound” or “the Company”) is pleased to announce it is continuing to progress the exploration program at its Golden Culvert project in the Lower Hyland Valley of the Yukon Territory. As presented at the Company’s Annual General Meeting of Shareholders held on June 18, 2018 road construction has been completed, and the initial trenching has been undertaken. Although no analytical results are available at this time, preliminary field observations by R. Kim Tyler, P.Geo., President and CEO of Stratabound and Golden Culvert site manager, indicate a corridor of multiple quartz veining of greater width and much longer strike length than previously observed.
Also at the Annual General Meeting, all of the directors of the Company were reelected with more than 99.9% of the votes cast. The Company’s directors include R. Kim Tyler, President and CEO; Terrence Byberg, Executive Vice President; Margaret Kent, Chairman; Michael Page, VP Exploration; and R.M. (Mike) Robb.
The Company is pleased to announce a non-brokered private placement (the “Private Placement”) offering of $495,125. The Private Placement will include both units (the “Units”) of the Company, and common shares offered on a flow-through basis (the “Flow-Through Shares”). 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 $0.08 for 24 months from the date of issue. Both the Units and the Flow-Through Shares have been priced at $0.055. The Company has received commitments of $15,125 for Units and $480,000 for Flow-Through Shares.
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 has subscribed for Units under the Private Placement. Completion of the Offering remains subject to acceptance by the TSX Venture Exchange. Fees of 7.5% cash and 7.5% finder warrants will be paid to persons who have introduced investors who subscribe to the Private Placement. Any finder warrants issued will be exercisable for one common share at $0.055 for 18 months from the date of issue.
The Company is also pleased to announce that it has entered into a consulting agreement with GloRes Capital Inc. (“GloRes”) to provide investor relations and related services to the Company. The agreement with GloRes is for a six-month term with compensation of $5,000 per month. GloRes has also been issued 200,000 stock options.
The Company has granted a total of 1,066,000 options at $0.055 under the Company’s stock option plan which was re-approved at the Annual General Meeting, including the options to GloRes and 666,666 options to an officer and director who currently holds no options and the balance to an advisor who also holds no options.
“We are excited about the initial developments of the exploration program at Golden Culvert, and we are awaiting the lab results on the initial samples. The private placement will enable us to extend our 2018 exploration program, especially with respect to trenching and drilling. I am pleased to introduce Ritu Gupte, President of GloRes Capital, as a consultant to the Company, to provide Stratabound a more consistent presence with investors in Toronto, New York and other financial centers and to more effectively distribute information on the Golden Culvert project to our shareholders and the public,” said Kim Tyler, President and CEO of Stratabound.
Mr. R. Kim Tyler, P.Geo., President and CEO of Stratabound, is a “Qualified Person” for the purpose of NI 43-101 and has reviewed and approved the contents of this news release.
About the Golden Culvert and Little Hyland Properties
Golden Culvert and Little Hyland cover 83.8 square kilometres 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.
To date a total of $564,400 of work has 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.
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
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 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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