Stelmine Canada Ltd.

Stelmine Canada Ltd.

April 09, 2015 07:00 ET

Stelmine Acquires A Property in the Opinaca Area and Procceds With Private Placement

MONTREAL, QUEBEC--(Marketwired - April 9, 2015) - Stelmine Canada ltée ("Stelmine"), (TSX VENTURE:STH) announces that it has entered into an agreement, to acquire a 100% interest in the Opinaca South mining property (the "Property") located in the James Bay area. The Property consists of 20 mining claims that cover 1,064 hectares in the district of James Bay in the Opinaca area. The property is located 15 km south of the Roberto deposit owned by Goldcorp Corporation and is surrounded by the Eleonore Régional properties. Stelmine will acquire a 100 interest by making a cash payment of $5,000, issuing 750,000 common shares of its share capital and granting a 1% NSR on the Property to the vendor.

In addition, Stelmine announces that it plans on completing a private placement in the maximum amount of $50,000, through the issuance of 2,500,000 common shares priced at $0.02 each, each share being accompanied by a share purchase warrant which can be exercised at $0.05 for a period of 12 months and $0.10 for the following 12 months. Stelmine will be submitting an application to the TSXV for a waiver of its minimum pricing requirements. The proceeds will be used for general working capital and no payment will be made to related parties.

The board of Directors also announces that it has approved a grant of 1,150,000 stocks options to officers and consultant under the company's stock option plan. Each option can be exercised at the price of $0.05 for a period of 5 years.

These transactions remain subject to the approval of the TSX Venture all securities issued will be subject to a hold period of four months.

Stelmine Canada Ltée is a junior exploration company registered on the TSX Ventures under the symbol STH.

Neither the TSX Venture Exchange nor the Regulation Services Provider (as defined in the TSX Venture Exchange policies) accepts any responsibility for the truth or accuracy of its content.

Contact Information

  • Michel Lemay
    President and CEO
    (514) 715-7387