StraightUp Resources Closes Final Tranche of Financing
Vancouver, British Columbia--(Newsfile Corp. - December 10, 2021) - StraightUp Resources Inc. (CSE: ST) (OTCQB: STUPF) ("StraightUp"or the "Company") is pleased to announce it has closed the final tranche of its non-brokered private placement, through the issuance of 4,405,250 units. In this final tranche $324,000 was raised through the issuance of 1,620,000 common shares and 810,000 warrants (the "Securities"). All common shares are subject to a four-month and a day hold period. The warrants are exercisable at $0.30 for a two-year term and are also subject to a four-month and a day hold period the hold period.
There were $60,900 in finder's fees and 12,180 broker's warrants issued in this tranche. The broker warrants are exercisable at $0.30 for a two-year term and are subject to a four-month and a day hold period.
A total of $1,762,100 was raised over the course of this financing. The net proceeds from the financing are intended to be used for the funding of exploration projects and property expenditures. The Offering is being made available to accredited investors under applicable securities laws. The Company has entered into a binding commitment letter with the accredited investors with respect to the Offering, where such parties have agreed, subject to certain customary conditions and the execution of a formal subscription agreement, to purchase the Units.
About StraightUp Resources
StraightUp is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada and the US. Its objective is to locate and develop economic, precious and base metal properties of merit. StraightUp intends to conduct exploration on the RLX North, RLX South, Belanger and the Ferdinand Gold Property, all located in the Red Lake Mining Division, as well as the recently acquired Bear Head Gold Project, located within the Meen-Dempster Greenstone Belt of the Uchi Subprovince, approximately 80 kilometers west of the Pickle Lake Gold Camp. The Company's recently acquired West Cat Mine includes an Unpatented Mining Claim on Federal Land, located in the Historic Beatty Mountain Nevada Mining District / Nye County, Nevada, about 15 kilometers east of U.S. Route 95, approximately 20 kilometers from Beatty, Nevada, at the base of the Bare Mountain Range.
On Behalf of the Board of Directors
Mark Brezer Chief Executive Officer, President and Director
For further information, please contact:
Chief Executive Officer, President and Director
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