Stina Resources Ltd. (CSE: SQA) (OTCQB: STNUF) is pleased to announce that, further to its press release dated March 13, 2018, it has completed the first tranche of its non-brokered secured convertible debenture financing through the issuance of $2,150,000 principal amount of 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 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 Company is further pleased to announce that, pursuant to its press release dated March 28, 2018, it has closed the second tranche of its fully subscribed non-brokered private placement for gross proceeds of $2,687,999 through the issuance of 4,479,998 units of the Company at a price of $0.30 per Unit. Each Unit consists of one common share of the Company and one-half of one Common Share purchase warrant. Each Warrant entitles the holder thereof to purchase a Common Share at an exercise price of $0.60 for a period of three years following the closing of the Unit Offering.
The balance of the Debenture Offering and Unit Offering are expected to close in the coming days.
Eligible persons were paid a cash commission equal to 6% of the proceeds raised from subscribers introduced to the Company by such Finders and Finder Warrants equal to 6% of the Units issued pursuant to the Unit Offering. Finders were also paid a cash commission equal to 6% of the proceeds raised from subscribers introduced to the Company with respect to the Debenture Offering.
Closing of the Offering is subject to receipt of all necessary corporate and regulatory 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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We acknowledge the [financial] support of the Government of Canada.