VANCOUVER, Feb. 13, 2020 /CNW/ - Starr Peak
Exploration Ltd. ("Starr
Peak" or the "Company") (TSX
VENTURE:STE)(OTC:LSGEF) is pleased to announce a non-brokered
private placement raising gross proceeds of up to $1,000,000 through the issuance of up to
3,333,333 units at a price of $0.30
per unit. Each unit will be comprised of one common share of
the Company and one share purchase warrant with each share purchase
warrant entitling the holder to acquire an additional common share
of the Company at a price of $0.75
per share for a period of 24 months from the date of closing of the
non-brokered private placement.
On June 13, 2019, the Company
announced the acquisition of a priority land package in
northwestern Quebec, directly east
and adjoining Amex Exploration Inc.'s ("Amex Exploration") (AMX:
TSX- V; OTCQX: AMXEF; FRA: MX0) Perron Property and proximal to the
past-producing Normétal Mine. The newly acquired NewMétal
Property ("NewMétal" or the "Property") consists of 53 mineral
claims covering 1,420 hectares of highly prospective ground for
orogenic gold and polymetallic VMS style mineralization in a region
well-known for its gold occurrences and historical production. The
Company plans to complete an initial program of prospecting,
geological mapping, and high-resolution drone geophysics in order
to prepare for an inaugural drilling campaign.
A finder's fee of 6%, payable in cash and/or warrants, may be
paid in connection with this private placement.
Proceeds from the private placement will be used for exploration
costs and general working capital.
The non-brokered private placement is subject to TSX Exchange
approval.
On Behalf of the Board of Directors of Starr Peak Exploration
Ltd.,
"Johnathan More"
Johnathan More
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
the content of this news release.
No securities regulatory authority has either approved or
disapproved of the contents of this news release. The securities
being offered have not been, and will not be, registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws, and may not be
offered or sold in the United
States, or to, or for the account or benefit of, a "U.S.
person" (as defined in Regulation S of the U.S. Securities Act)
unless pursuant to an exemption therefrom. This press release is
for information purposes only and does not constitute an offer to
sell or a solicitation of an offer to buy any securities of the
Company in any jurisdiction.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information based
on current expectations, including the use of funds raised under
the Offering. These statements should not be read as
guarantees of future performance or results. Such statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance or achievements to be
materially different from those implied by such statements.
Although such statements are based on management's reasonable
assumptions, Power Metals assumes no responsibility to update or
revise forward-looking information to reflect new events or
circumstances unless required by law.
Although the Company believes that the expectations and
assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements because the Company can give no
assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. These
statements speak only as of the date of this press release. Actual
results could differ materially from those currently anticipated
due to several factors and risks including various risk factors
discussed in the Company's disclosure documents which can be found
under the Company's profile onwww.sedar.com.
This press release contains "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E the Securities Exchange Act of 1934, as
amended and such forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. The TSXV has neither reviewed nor approved the
contents of this press release.
SOURCE Starr Peak Exploration Ltd.