VANCOUVER, BRITISH COLUMBIA – (May 25, 2020) – Starr Peak Exploration Ltd. (“Starr Peak” or the “Company”) (TSX Venture: STE)(OTC: LSGEF) is pleased to announce that it has closed the final tranche of its private placement which was previously announced on February 13, 2020 and on March 17, 2020. The Company has issued an additional 1,850,335 units at $0.30 per unit for gross consideration of $555,100.50. Each unit consists of one common share 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 closing.
In connection with the closing the Company paid a finder’s fee of 6% cash and 17,000 units to certain finders. The Shares and Warrants issued on this final tranche including the finders’ units, are subject to a hold period expiring September 23, 2020.
Proceeds from the financing will be used for exploration costs and general working capital. On Behalf of the Board of Directors of Starr Peak Exploration Ltd.
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.
STARR PEAK EXPLORATION LTD.
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 on www.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.