Stakeholder Announces Close on $1.2M Financing
TORONTO, ON / ACCESSWIRE / September 2, 2016 / Stakeholder Gold Corp. (TSXV: SRC) ("Stakeholder" or the "Company") is pleased to announce that it is closing on $1,220,695 of a prospective total $3,000,000 financing. Closing on this tranche will result in issuance of 2,441,390 units with each unit comprised of one share, priced at $0.50 per share, and one half of one common share purchase warrant. Warrants are priced at $0.75 and expire September 2nd, 2018.
In connection with the financing, Stakeholder will pay to Bonaventure Exploration Ltd. $100,070 CAD and 200,140 commission warrants. These warrants are priced at $0.50 and expire September 2nd, 2018.
Funds will be used to progress Phase II of the planned 2016 exploration program on the Ballarat gold project in the White Gold District of the Yukon Territory. In particular, soil sampling will be extended northeasterly and southwesterly of the existing soil grid over the newly identified Eastern Zone (see press release dated August 3rd, 2016). An IP/resistivity survey will be performed over the target area along with trenching and infill sampling on selected lines. A rotary air blast (RAB) drilling program, both at the Eastern and Northwest Zones, will follow end-September.
The Phase II exploration program will begin on Monday the 5th of September, and is being planned and executed by GroundTruth Exploration Inc. A more comprehensive press release outlining Phase II exploration initiatives on the newly identified Eastern Zone will be provided in due course.
About Stakeholder Gold Corporation
Stakeholder Gold Corp. is a Canadian mineral exploration company headquartered in Toronto, Canada. The primary focus of Stakeholder is to explore and develop the Ballarat Gold Property in the White Gold District of the Yukon Territory.
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. This press release was reviewed and approved by Mr. Nebocat, (P.Eng), a qualified person as defined by NI 43-101.
For more Stakeholder Gold Corp. information, please contact
Christopher J. Berlet, CFA
President & CEO
416 525-6869
cberlet@stakeholdergold.com
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 of this release.
Forward-Looking Statements: This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they were made. The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the prevailing price of natural gas, the Canadian-United States exchange rate, amount of gas produced that could affect revenues and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in the Company's annual financial statements and MD&A.
SOURCE: Stakeholder Gold Corp.