CONFIRMED! insiders bought shares in private placementhttps://canadianinsider.com/node/7?menu_tickersearch=Srd Mr. Jim Borland reports 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 1.6 million working capital units and paid finders' fees of $2,100 plus 70,000 compensation units comprising 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 12 cents per share for 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 by virtue of the exemptions contained in Section 5.5(a) and Section 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 per cent of its market capitalization. Securities issued under the first tranche of this private placement are subject to a hold period ending on Jan. 24, 2014. The company will leave the offering, as disclosed in the company's news release dated Sept. 16, 2013, open for the sale of up to a further 3.4 million WC units. The WC units are being offered at seven cents per WC unit with each WC unit comprising one common share and one warrant. Each WC warrant entitles the holder to acquire an additional common share at 12 cents per share for 12 months following the closing of the second tranche of the offering.