great afterhours NEWS! insiders continue buying before drill easy to know why eh..? this one will explode!!!!! HUGE CONFIDENCE
STRAIT CLOSES FIRST TRANCHE OF OFFERING
Strait Minerals Inc. has closed the first tranche of a non-brokered private placement for proceeds of $112,000. The Company placed 1,600,000 working capital units ("WC Units") and paid finder's fees of $2,100 plus 70,000 Compensation Units comprised of 70,000 common shares of the Company and 70,000 Compensation Warrants. Each Compensation Warrant entitles the holder to acquire an additional common share at $0.12 per share for twelve (12) months following the closing of the offering. Proceeds from the offering will be used for general working capital.
Insiders of the Company subscribed for 150,000 WC Units pursuant to this closing. The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI61-101") by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company to be issued to insiders does not exceed 25% of its market capitalization.
Securities issued under the first tranche of this private placement are subject to a hold period ending on January 24, 2014. The Company will leave the offering, as disclosed in the Company's news release dated September 16, 2013, open for the sale of up to a further 3,400,000 WC Units. The WC Units are being offered at $0.07 per WC Unit with each WC Unit comprised of one common share and one warrant ("WC Warrant"). Each WC Warrant entitles the holder to acquire an additional common share at $0.12 per share for twelve (12) months following the closing of the second tranche of the offering.
We seek Safe Harbor.