Stelmine Canada (STH) has closed a non-brokered private placement for gross proceeds of $2,500,000.
The company issued a total of 10,638,297 flow-through units priced at $0.235 per unit.
In conjunction with the offering, Michael Gentile has acquired 5,785,500 units.
Stelmine CEO Ms. Isabelle Proulx commented,
“We are very excited to welcome Michael Gentile as a major new investor. Michael’s support comes at a pivotal time for the company as we build out the Stelmine team in anticipation of initial results and more drilling at Courcy followed by maiden drilling at our very promising Mercator Project. Michael’s confidence supports our strong belief that we’re on track to prove the viability of a new gold district in Quebec.”
Michael Gentile, CFA, who has an extensive institutional money management background is an active and strategic investor in the junior mining sector owning significant stakes in over 20 small-cap exploration companies.
Each flow-through unit consisted of one common share and one-half of a non-flow-through common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at a price of $0.30 until December 9, 2024.
Net proceeds will be used to fund ongoing exploration at Courcy and Mercator.
The securities are subject to a statutory four-month hold period ending on April 10, 2022, in accordance with applicable securities laws.
Stelmine is a junior mining exploration company pioneering a new gold district (Caniapiscau) east of James Bay in northern Quebec.
Stelmine Canada Ltd. (STH) opened trading at C$0.28 per share.