Stina Resources Announces $10 Million Secured Convertible Debenture Financing






Stina Resources Ltd. (CSE: SQA) (OTCQB: STNUF) (FSE: 01X) is pleased to announce a non-brokered financing up to $10,000,000 principal amount secured convertible debentures. The Debentures will 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 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 years from the date of issuance.



The Debentures will be secured by a general security interest over all the assets of the Company, and through guarantees and a general security interest from each of the Company’s subsidiaries. Under the general security agreement, the Company will agree not to pledge, sell, lease or otherwise dispose of its assets, other than in the normal course, without prior written consent of the holders of the Debentures.



The proceeds of the financing will be used to complete the acquisition of the assets of Gildemeister energy storage GmbH, including its CellCube vanadium redox flow battery and for working capital purposes. CellCube VRBs are used for a variety of industries including grid storage; micro-grids; and off-grid storage for solar and wind.



Stina has also entered into an agreement to acquire Jet Power And Control Systems Ltd. a North American leading-edge provider of custom and off-the-shelf electrical equipment and systems for heavy power users, pipeline companies, refineries, manufacturers, municipalities and infrastructure providers and equipment. Its key products include electrical switchgear, motor control switchers, and solar power inverters. Stina will acquire all of the outstanding securities of Jet Power in consideration of 6,000,000 Common Shares. Management of Stina anticipates that through the acquisition of Jet Power, Stina will be able to accelerate the sale of CellCube VRBs worldwide and offer complementary products and services.



The grid connected storage market is expected to grow 44% annually with the market size reaching US $18 billion by 2024 (Navigant Research). Upon the Company completing its acquisition of the assets of Gildemeister and Jet Power, management believes it will be ideally positioned to capitalize on the demand for VRBs worldwide to help meet the world’s rapidly growing energy storage needs.



The Company further announces it is fully subscribed for a third tranche of its previously announced non-brokered private placement. Closing is expected to occur on March 15, 2018, through the issuance of 3,422,818 units of the Company at a price of $0.27 per Unit for gross proceeds of $924,161.   Each unit shall consists of one Common Share and one-half of a Common Share purchase warrant, each whole Warrant entitling the holder thereof to purchase one Common Share at a price of CDN$0.45 per Common Share for a period of three years from the date of issuance.


Posted March 13, 2018


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