/NOT FOR DISSEMINATION IN THE
UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED
HEREIN./
VANCOUVER, BC, July 17, 2020 /CNW/ - Starr Peak
Exploration Ltd. ("Starr Peak" or the "Company") (TSXV: STE)
(OTC: STRPF) is pleased to announce a $1,000,000 non-brokered private placement of
flow-through units.
The flow through funding will consist of 666,667 flow through
units ("FT Units"), priced at $1.50 each for gross proceeds of $1,000,000. Each Flow-Through Unit issued
pursuant to the Offering will consist of one common flow-through
share in the capital of the Company (a "Common Flow-Through Share")
and one-half of one Common Share purchase warrant (each whole
common share purchase warrant, a "Warrant"). Each Warrant will
entitle the holder thereof to acquire one Common Share for a period
of eighteen (18) months following the closing date, at a price of
$2.00.
On June 1, 2020, the Company
expanded its NewMétal property ("NewMétal" or "the Property") in
northwestern Quebec where a block
of claims are directly adjacent to and on trend to Amex Exploration
Inc.'s Perron project on its eastern side where Amex is currently
drilling towards. It is also adjacent to past producing Normétal
Mine. The geology underlaying the newly expanded land package is
comprised of felsic and intermediate volcanic and felsic plutonic
rocks of the Normétal formation and is highly prospective for
gold-rich VMS mineralization and orogenic gold mineralization.
With these funds Starr Peak plans
to complete an initial program of compilation, prospecting,
geological mapping, airborne EM survey and high-resolution MAG
drone geophysics in summer and fall of 2020 in order to prepare for
an inaugural winter drilling campaign.
A finder's fee may be paid in connection and on a portion of
this private placement of 6% cash and 6% compensation units. The
proposed private placement and any finder's fees are subject to TSX
Venture Exchange approval. All shares issued pursuant to this
offering and any shares issued pursuant to the exercise of warrants
will be subject to a four-month hold period from the closing
date.
About Starr Peak Exploration Ltd.
Starr Peak Exploration Ltd. is a Canadian based mineral
exploration company focused on the acquisition and exploration of
precious and base metal mineral deposits. The primary objective of
the Company is to acquire, explore and develop high potential and
quality gold deposits and projects in the Americas. The Company is
committed to create long term shareholder value through mineral
discoveries.
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on Starr
Peak's current belief or assumptions as to the outcome and
timing of such future events. Actual future results may differ
materially. In particular, this release contains forward-looking
information relating to, among other things, the ability of Company
to complete the financings and its ability to build value
for its shareholders as it develops its mining properties.
Various assumptions or factors are typically applied in drawing
conclusions or making the forecasts or projections set out in
forward-looking information. Those assumptions and factors are
based on information currently available to Starr Peak. Although such statements are based
on management's reasonable assumptions, there can be no assurance
that the proposed transactions will occur, or that if the proposed
transactions do occur, will be completed on the terms described
above.
The forward-looking information contained in this release is
made as of the date hereof and Starr
Peak is not obligated to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
This announcement does not constitute an offer, invitation,
or recommendation to subscribe for or purchase any securities and
neither this announcement nor anything contained in it shall form
the basis of any contract or commitment. In particular, this
announcement does not constitute an offer to sell, or a
solicitation of an offer to buy, securities in the United States, or in any other
jurisdiction in which such an offer would be illegal.
The securities referred to herein have not been and will not
be registered under the Securities Act of 1933, as amended (the
"Securities Act"), or under the securities laws of any state or
other jurisdiction of the United
States and may not be offered or sold, directly or
indirectly, within the United
States, unless the securities have been registered under the
Securities Act or an exemption from the registration requirements
of the Securities Act is available.
SOURCE Starr Peak Exploration Ltd.