CellCube Closes Second Tranche of Debenture Offering
Vancouver, British Columbia--(Newsfile Corp. - May 15, 2018) - CellCube Energy Storage Systems Inc. (CSE: SQA) (OTCQB: STNUF) (formerly, Stina Resources Ltd.) (the "Company") is pleased to announce that, further to its press release dated April 6, 2018, it has completed the second tranche of its non-brokered secured convertible debenture financing (the "Debenture Offering") through the issuance of $2,340,000 principal amount of debentures (the "Debentures"). The Debentures mature on the second anniversary of the date of issuance and bear interest at a rate of 9.0% per annum, which shall accrue and be paid on the maturity date. Each Debenture shall be convertible into units ("Debenture Units") of the Company at a conversion price of $0.60 per Unit. Each Unit will be comprised of one Common Share of the Company and one-half of a Common Share purchase Warrant, each whole Warrant will be exercisable to purchase a Common Share at an exercise price of $1.00 for a period of three (3) years from the date of issuance.
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.
Closing of the Offering is subject to receipt of all necessary corporate approvals, including completion of the requisite filings with 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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The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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