Stroud Announces Financing Drilling Update
November 30 2007 - 3:05PM
Marketwired
TORONTO, ONTARIO ("Stroud") announced today plans to raise up to
$2.0 million in a non-brokered private placement. Stroud is
proposing to offer up to 19,047,619 million units at a price of
$0.105 per unit, with each unit consisting of one common share and
one-half of one non-transferable common share purchase warrant.
Each full share purchase warrant will entitle the holder to acquire
one common share at a price of $0.15 for a period of 24 months from
the closing date of the offering.
Stroud proposes to pay a finder's fee of 8% in cash and 8% in
finder's warrants, exercisable for a period of 12 months at $0.15
per share, to registered dealers who procure subscriptions for
units. The private placement is subject to all necessary regulatory
approvals, including the approval of the TSX Venture Exchange. All
securities issued pursuant to the private placement will be subject
to a 4-month hold period.
Stroud proposes to use the net proceeds from this offering to
fund an ongoing diamond drilling program on its 100% owned Santo
Domingo silver project in Jalisco, Mexico and for general corporate
purposes.
Further to the Company's press release of October 2, 2007,
diamond drilling on the Santo Domingo Project utilizing the
Company's recently acquired high performance drill rig is
proceeding smoothly. Stroud's drill crew is averaging approximately
one hole a week, a significant improvement over previous drill
programs. Four holes have been drilled to date and core from the
first three holes have been submitted for assay. Assay results are
expected in late December or early January.
Stroud is a debt-free exploration company focused on the
discovery and exploration of silver and gold deposits in Mexico and
Ontario. Stroud owns a 100% interest in the Santo Domingo
epithermal silver-gold project in central Mexico. In addition to
the Santo Domingo project, Stroud's assets include 100% interests
in the Hislop gold property, near Timmins, Ontario and the Leckie
gold property, near North Bay, Ontario. Stroud also generates cash
flow from a 3.75% interest in six natural gas, and natural gas
condensate wells in central Alberta.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Stroud Resources Ltd. Mr. George Coburn President and
CEO (416) 362-4126 Email: gcoburn@stroudresourcesltd.com Website:
www.stroudresourcesltd.com
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