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Stelmine completes the first $496 000 tranche of a private placement with investors including institutional funds

News Provided by GlobeNewswire2018-06-29
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QUEBEC CITY, June 29, 2018 (GLOBE NEWSWIRE) -- Stelmine Canada Ltd., a junior mining exploration company which concentrates its activities in the Province of Québec (“Stelmine” or the “Company”) (TSX-V:STH) announced today the closing of the first tranche of a non-brokered private placement concluded with investors including institutional funds.

The first tranche of the private placement (the “Placement”) consists in the issuance of 2 480 000 units (the “Units”) at a price of $0.20 per unit, for placement of $496,000; each Unit is composed of one (1) common share of Stelmine (“Share”) and one half (1/2) common share purchase warrant, each warrant entitling its holder to subscribe to one (1) Share at a price of $0.30 per Share during an 18-month period.

The following funds participated in the first tranche of the Placement: Capital croissance PME II S.E.C. (CCPME), Société de développement de la Baie James (SDBJ), as well as the Fonds de solidarité FTQ and SIDEX, these last two, in an amount of $100,000 each through FIELD-ACTION 2018, an initiative designed to encourage junior mining companies to perform their fieldwork in Québec while at the same time supporting their working capital.

“I am very pleased that these important institutions, which proceeded to a first investment in 2017, have renewed their confidence in Stelmine’s projects”, said Isabelle Proulx, the Company’s President and CEO. “This financing will allow our company to continue during the summer of 2018 the work program initiated in 2017.”

An insider of the Company participated to this Placement for proceeds of $5,000. This insider subscribed to the Units under the same terms as the other investors. The participation of this insider is exempt from the formal valuation and shareholder approval requirements as per Sections 5.5(a) and 5.7(1)(a) of Regulation 61-101 respecting Protection of Minority Holders in Special Transactions. The exemption is based on the fact that the market value of such participation or the consideration paid by such insider does not exceed 25% of the market value of the Company.

All securities issued in connection with this Placement are subject to a hold period of four months and one day. The Placement is subject to the approval of the TSX Venture Exchange. Stelmine has not filed a material change report in the 21 days preceding the Placement.

The proceeds of this Placement will be used for the Company’s operating costs and working capital.

About Stelmine

Stelmine is a junior mining exploration company and its activities are located in the Province of Québec. Stelmine holds 994 claims spanning 517 km2 on the eastern part of the Opinaca metasedimentary basin, which contains zones with a high potential for gold deposit discovery in geological contexts similar to the one leading to discovery of the Éléonore Mine. Its capital stock consists of 26,160,645 issued and outstanding shares for a current market capitalization of $5,2 million.

About CCPME

CCPME is a fund jointly set up by the Caisse de dépôt et placement du Québec and by Capital Régional et Coopératif Desjardins for the purpose of supporting the economic development of Québec businesses and encouraging their growth. The Placement will be made by CCPME, for which Gestion Desjardins Capital Inc. acts as manager.

About SDBJ

Created in 1971 by the James Bay Region Development Act, the SDBJ’s mission is to promote the James Bay territory’s economic development and the development and use of its natural resources, other than hydroelectric resources, which are Hydro-Québec’s responsibility, from a sustainable development perspective. It can generate, support and participate in projects for these purposes. www.sdbj.gouv.qc.ca

About SIDEX

SIDEX is an initiative of the Québec government and the Fonds de solidarité FTQ whose mission is to invest in companies engaged in mineral exploration in Québec in order to diversify the province’s mineral base, promote innovation and new entrepreneurs.

About Fonds de solidarité FTQ

The Fonds de solidarité FTQ is a capital development fund that channels the savings of Quebecers into investments. With $13.7 billion in net assets as at November 30, 2017, the Fonds has helped create and maintain over 186,440 jobs. The Fonds has more than 2,700 partner companies and over 645,000 shareholder-savers.

Forward-Looking Statements

The statements set forth in this press release, which describes Stelmine’s objectives, projections, estimates, expectations or forecasts, may constitute forward-looking statements within the meaning of security legislation. Positive or negative verbs such as “believe”, “can”, “shall”, “intend”, “expect”, “estimate”, “assume” and other related expressions are used to identify such statements. Stelmine wishes to state that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated or underlying these statements or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Stelmine’s actual results and the projections or expectations set forth in the forward-looking statement include the risk that the Company does not complete the Placement as anticipated, and such other risks as described in detail from time to time in the reports filed by Stelmine with security authorities in Canada. Unless otherwise required by applicable securities laws, Stelmine disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of the new information, future events or otherwise. The forward-looking information in this release is based on information available as of the date of this release.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

For more information :

Isabelle Proulx
President and CEO
Christian Guilbaud
Director
418-626-6333
info@stelmine.com 
514-813-7862
Stelmine.com 
  
  


© 2018 GlobeNewswire, Inc. All Rights Reserved.

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The news, reports, views and opinions of authors (or source) expressed are their own and do not necessarily represent the views of CRWE World.


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