ST
Straightup holders approve all matters at AGM
2020-11-09 20:29 ET - News Release
Mr. Matthew Coltura reports
STRAIGHTUP ANNOUNCES 2020 ANNUAL GENERAL MEETING RESULTS CLOSES $883,700 NON-BROKERED PRIVATE PLACEMENT
Straightup Resources Inc. has released the voting results from the company's annual general meeting of shareholders held on Friday, Nov. 6, 2020, in Vancouver, B.C. A total of 5,212,500 common shares were represented at the meeting, representing 25.25 per cent of the outstanding common shares of the company, as at the record date for the meeting. All matters submitted to shareholders for approval, as set out in the company's notice of meeting and management information circular, dated Oct. 2, 2020, were approved at the meeting.
Shareholders reappointed Manning Elliott LLP, chartered professional accountants, as the auditor of the company for the ensuing year at a remuneration to be fixed by the directors of the company, and ratified and approved the company's stock option plan.
The number of directors of the company stayed at four and management's nominees for election as directors, being Matthew Coltura, Mark Lotz, John E. Hiner and Dusan Berka, were all elected as directors of the company by the votes cast at the meeting.
Closing of non-brokered private placement
The company also announces the closing of its previously announced non-brokered private placement (see news release dated Oct. 14, 2020). The offering raised aggregate gross proceeds of $883,700 through the sale of: (i) 2,641,000 units at the price of 20 cents per unit; and (ii) 1,422,000 flow-through common shares at a price of 25 cents per share.
Each unit consists of one non-flow-through common share of the company and one-half of one common share purchase warrant, with each warrant entitling the holder to acquire one additional common share at a price of 30 cents per share for a period of 12 months from the closing of the offering. In the event the closing price of the company's common shares on the Canadian Securities Exchange is equal to or greater than 50 cents per share for a minimum of 10 consecutive trading days commencing four months and one day after the closing of the offering, the company may accelerate the expiry date of the warrants by providing notice to the holders thereof and, in such case, the warrants will expire on the 30th day after the date on which such notice is given by the company.
In connection with the offering, the company paid to the finders an aggregate of $76,736 in cash payments and issued 147,960 non-transferrable finder's warrants and 132,280 finders' shares. Each finders' warrant entitles the holder thereof to purchase one common share at a price of 30 cents per common share for a period of 24 months from the issue date.
Haywood Securities Inc. received a cash commission of $3,136 and was issued 15,680 finders' warrants. EMD Financial Inc. received a cash commission of $58,600, was issued 132,280 finders' warrants and 132,280 finders' shares, and received a corporate finance fee of $15,000.
The net proceeds from the offering are intended to be used for property expenditures and for general working capital. All securities issued in connection with the offering are subject to a hold period of four months and one day in Canada.
About Straightup Resources Inc.
Straightup Resources is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada. Its objectives are to locate and develop economic precious metal and base metal properties of merit. In addition to the Red Lake division properties, Straightup intends to conduct exploration on the Hi-Mars property. The Hi-Mars property consists of 11 contiguous mineral titles, covering an area of 1,788 hectares, located approximately 17 kilometres northeast of Powell River in southwestern British Columbia, Canada, within the Vancouver mining division.