Stuhini Exploration Ltd (TSX-V:STU) said, due to demand from potential investors, its previously announced non-brokered private placement has been increased by $736,000 for total gross proceeds of up to $1.38 million.
In a statement, Stuhini said the private placement will consist of units of the company at a price of $0.23 per share.
Each unit will consist of one share and one half of a share purchase warrant, with each whole warrant exercisable into one share at a price of $0.35 per share for a period of two years following the closing of the private placement.
READ: Stuhini Exploration announces financing designed to fund exploration at newly acquired Arizona mineral properties
Per the company’s initial announcement of the private placement on December 6, 2022, proceeds of the financing will be used to fund exploration at its newly acquired Arizona properties and to fund the $300,000 cash option payment due December 31, 2022, under the option agreement whereby the company was granted a right to acquire a 100% interest in its Ruby Creek property.
Additional funds will be used for general, corporate and administrative expenses.
The private placement is anticipated to close in multiple tranches and is subject to certain conditions, the company noted.
Stuhini Exploration is a mineral exploration company focused on the exploration and development of precious and base metals properties in western Canada and southwestern USA.
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