Stina Resources Ltd. (the “Company”) (CSE: SQA) (OTCQB: STNUF) (FSE: 01X) is pleased to announce that it has arranged a fully subscribed $2.5 million financing.
The financing involves issuance of 12,500,000 units (“Units”) of the Company at a price of $0.20 per Unit (the “Offering”). Each Unit consists of one common share (a “Common Share”) of the Company and one-half of one Common Share purchase warrant (a whole warrant, a “Warrant”) with each Warrant entitling the holder thereof to purchase a Common Share at an exercise price of $0.45 for a period of thirty six (36) months following the closing of the Offering.
Proceeds of the financing will be utilized in developing the Company’s vanadium resources on its Bisoni McKay claims and to conduct exploration drilling on its newly acquired Bison Rio claims, both located in Nevada. The funds will also be for general working capital.
All the securities will be subject to a four-month hold period from the date of closing. A finder’s fee may be payable, in accordance with the policies of the Canadian Stock Exchange (“CSE”). The private placement is subject to the approval of the CSE.
About Stina Resources
Stina is a vanadium resource company moving towards becoming a fully integrated producer of vanadium and vanadium electrolytes for the vanadium battery storage industry. The Company’s vanadium mineral resources are located on the Bisoni McKay and Bisoni Rio properties in northern Nevada. The Company is also exploring other technology opportunities, including Soft Wave Technology.