RMC=SRD must have a look! Hey guys I'm a shareholder in RMC but I stumbled across SRD and it's vastly undervalued look at the deal below they signed with Teck Resources Teck owns 10% of SRD and it can increase by exercising warrants at .25 the increase would be to 15% of shares at that point drilling will begin next week and they are doing a 6000 meter drill program to start and have applied for permits to do up to 23000 meters, float is relatively low could be a big winner at any rate its worth a look since the deals both RMC and SRD are similar in exciting locations good luck!!! The SP is only .11 wow is all I can say!
TSX-V: SRD
TORONTO, Aug. 16, 2012 /CNW Telbec/ - Strait Minerals Inc. ("Strait"or the "Company") is pleased to announce that it has closed a private placement with Teck Resources Limited ("Teck") whereby Teck subscribed for 3,000,000 common shares of Strait at
.10 per share. The securities issued to Teck are legended and restricted from trading until December 16, 2012. The funds will be used by the Company for general working capital.
As a result of the private placement, Teck holds directly 6,000,000 common shares of the Company representing 10.56% of its outstanding share capital after giving effect to the private placement. If Teck were to exercise its existing 3,000,000 warrants exercisable at
.25 per warrant by December 16, 2012, or at
.35 per warrant by December 31, 2013, it would hold 9,000,000 common shares directly out of a partially diluted share capital of 59,862,586 common shares (after giving effect to the private placement and the exercise of its 3,000,000 warrants and barring any other share issuances by the Company) representing 15.03% of the Company's outstanding share capital.
About Strait Minerals Inc.
Strait Minerals Inc. is a Canadian mineral exploration company active solely in Peru since 2003 and listed on the TSX Venture Exchange. It holds a 55% interest with an option to increase that interest to 100% in the Alicia copper-gold property which lies within the Andahuaylas-Yauri copper belt approximately 500 km southeast of Lima. Strait has granted Teck Peru S.A., a wholly owned subsidiary of Teck Resources Limited, an option to earn up to a 75% interest in the property by, among other things, spending $30 million on exploration or by spending $10 million on exploration and delivering a pre-feasibility study. The Company also holds an option to earn a 100% interest in the Caribe copper-molybdenum property approximately 80 km west of Alicia and holds a 100% interest in both the Letra Rumi South base metals property and the Culebrilla precious metals property approximately 250 km north of Lima. The Company continuously reviews exploration opportunities in Peru and is actively seeking additional projects. Please visit our web site at www.straitminerals.com.