Stratton Resources To Raise up to $13,000,000 Through Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 20, 2017) - Stratton Resources Inc. (TSX VENTURE:SI) "Stratton" or the "Company"), is pleased to announce a non-brokered private placement for up to 20 million common shares of the Company at a price of CAD$0.65 per share (the "Offering") for gross proceeds of CAD$13,000,000.
The Company intends to use the net proceeds for precious metal exploration on its projects in Newfoundland, further mineral property acquisitions and general corporate purposes.
The shares under the Offering will be subject to a four-month hold period and will not be registered in the United States. Commission may be paid on certain amounts placed by brokers.
Closing of the Offering is anticipated to occur on or before February 20th, 2017 and is subject to customary closing conditions including, but not limited to; the negotiation, execution of definitive placement agreements and receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange.
About Stratton Resources: Stratton Resources is a junior mining exploration company focused on delivering shareholder value through project acquisition and development. The Company's principle asset is a large exploration portfolio located in Newfoundland, Canada. The Company's management team is highly experienced with an impressive track record of success in the discovery, development, financing and monetizing of mining assets for shareholders.
On Behalf of the Board
Shawn Wallace, Chairman and Director
Forward Looking Information
This release includes certain statements that may be deemed "forward-looking statements". Forward-looking information is information that includes implied future performance and/or forecast information including information relating to, or associated with, exploration and or development of mineral properties. These statements or graphical information involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different (either positively or negatively) from any future results, performance or achievements expressed or implied by such forward-looking statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares 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 within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Stratton Resources Inc.
Manager of Investor Relations