Stina Closes First Tranche of Fully Subscribed Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 28, 2018) - Stina Resources Ltd. (the "Company") (CSE: SQA) (OTCQB: STNUF) is pleased to announce that it has closed the first tranche of its fully subscribed non-brokered private placement for gross proceeds of $3,183,000 through the issuance of 10,610,000 units ("Units") of the Company at a price of $0.30 per Unit (the "Offering"). Each Unit consists of one common share (a "Common Share") of the Company and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase a Common Share at an exercise price of $0.60 for a period of three (3) years following the closing of the Offering.
Eligible persons (the "Finders") were paid a cash commission equal to 6% of the proceeds raised from subscribers introduced to the Company by such Finders and Broker Warrants equal to 6% of the Units issued pursuant to the Offering.
Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the Canadian Securities Exchange. All securities issued in connection with the Offering are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. Proceeds of the Offering will be used for general working capital purposes.
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