VANCOUVER, BC, Nov. 12, 2020
/CNW/ - Starr Peak Exploration Ltd. ("Starr Peak" or
the "Company") (TSX-V: STE) (OTC: STRPF) is pleased to
announce that it has closed its previously announced private
placement of Flow-Through Units at $2.00 per Unit. The Company has issued
1,325,000 Units at $2.00 per Unit for
gross proceeds of $2,650,000. Each Unit consists of one
flow-through common share and one-half of one share purchase
warrant, with each whole share purchase warrant entitling the
holder to acquire an additional common share of the Company at a
price of $2.50 per share for a period
of 18 months from closing.
In connection with the closing, the Company paid a finder's fee
of 6% cash and issued an aggregate of 79,500 finders warrants to
certain finders. The finders warrants are exercisable at
$2.50 per share for a period of 18
months from closing. The Shares and Warrants issued on this
final tranche, including the finders' warrants, are subject to a
hold period expiring March 13,
2021.
Proceeds from the financing will be used for drilling and
exploration activities on the Company's Quebec properties.
On behalf of the Board of Directors of Starr Peak Exploration
Ltd.,
"Johnathan More"
Johnathan More
Chairman & Chief Executive Officer
About Starr Peak Exploration Ltd.
Starr Peak Exploration Ltd. is a Canadian based mineral
exploration company focused on the acquisition and exploration of
precious and base metal mineral deposits. The primary objective of
the Company is to acquire, explore and develop high potential and
quality gold deposits and projects in the Americas. The Company is
committed to create long term shareholder value through mineral
discoveries.
STARR PEAK EXPLORATION LTD.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
the content of this news release.
No securities regulatory authority has either approved or
disapproved of the contents of this news release. The securities
being offered have not been, and will not be, registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws, and may not be
offered or sold in the United
States, or to, or for the account or benefit of, a "U.S.
person" (as defined in Regulation S of the U.S. Securities Act)
unless pursuant to an exemption therefrom. This press release is
for information purposes only and does not constitute an offer to
sell or a solicitation of an offer to buy any securities of the
Company in any jurisdiction.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information based
on current expectations, including the use of funds raised under
the Offering. These statements should not be read as guarantees of
future performance or results. Such statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements to be materially
different from those implied by such statements. Although such
statements are based on management's reasonable assumptions, Power
Metals assumes no responsibility to update or revise
forward-looking information to reflect new events or circumstances
unless required by law.
Although the Company believes that the expectations and
assumptions on which the forward- looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements because the Company can give no
assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. These
statements speak only as of the date of this press release. Actual
results could differ materially from those currently anticipated
due to several factors and risks including various risk factors
discussed in the Company's disclosure documents which can be found
under the Company's profile on www.sedar.com.
This press release contains "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E the Securities Exchange Act of 1934, as
amended and such forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. The TSXV has neither reviewed nor approved the
contents of this press release.
SOURCE Starr Peak Exploration Ltd.