News
Straightup closes placement tranches, raises $255,000
2022-01-24 20:05 ET - News Release
Mr. Mark Brezer reports
STRAIGHTUP RESOURCES CLOSES INITIAL TRANCHES OF PRIVATE PLACEMENT
Straightup Resources Inc. has closed the first and second tranche of its non-brokered private placement announced on Jan. 10, 2022. The company raised a total of $255,000 through the issuance of 150,000 flow-through common shares at a price of 20 cents per flow-through share and 1,125,000 units at a price of 20 cents per unit. Each unit consists of one common share and one-half of one transferable common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of 30 cents per warrant share for a period of two years expiring Jan. 17, 2024 (as to 62,500 warrants), and Jan. 24, 2024 (as to 500,000 warrants).
The company paid cash commission of $6,850 and issued 8,750 finders' warrants at a price of 30 cents for a period of two years expiring Jan. 17, 2024. All securities issued are subject to a four-month hold period expiring May 18, 2022 (as to 125,000 units), and May 25, 2022 (as to one million units and 150,000 FT shares).
The net proceeds from the sale of the FT shares will be used for exploration on the company's projects in Canada, and the net proceeds from the sale of the units will be used for the advancement of the company's exploration assets and for general working capital.