CALGARY, AB--(Marketwired - October 14, 2016) - Stratabound Minerals Corp. (TSX VENTURE: SB) ("Stratabound" or "the Company") is pleased to announce that it has completed the consolidation of its common shares on the basis of 3 (three) old shares per 1 (one) new share as approved by the Company's shareholders on June 27, 2016.
Stratabound Minerals Corp. is also pleased to announce that, subsequent to the share consolidation, it has completed a private placement financing of 2,000,000 units (the "Units") of the Company, at a price of $0.0.05 per Unit, for gross proceeds of $100,000. Each Unit consists of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable for one common share at $0.075 for 24 months from the date of issue.
The Company did not pay any finder's fee in respect of the private placement. All securities issued under the private placement will be subject to a four-month hold period.
After the share consolidation and the private placement, Stratabound has a total of 145,851,539 common shares outstanding, or 160,591,739 shares on a fully diluted basis.
President and CEO Terry Byberg commented, "We are extremely pleased to complete the share consolidation, which was an integral part of the business combination between Stratabound and Silver Steam Mining Corp. The Company is now in a better position with its share capital structure to make an acquisition or raise future capital. The Company and its financial advisors continue to look at potential projects that will transform Stratabound from an exploration company into a development / operating company. We are reviewing a number of possible opportunities and are focusing on those that present the best fit for Stratabound and its corporate strategy. The private placement will help to fund our efforts."
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
WARNING: the Company relies upon litigation protection for "forward looking" statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, failure to obtain regulatory or shareholder approval, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.