Starr Peak Mining (TSXV: STE) last night announced that the company has completed a strategic institutional private placement. The financing effectively saw the company raise $3.8 million via a flow through financing.
Under the terms of the financing, units of the company were sold on a flow through basis at a price of $3.60 per unit. A total of 1.0 million units have been issued, with each unit containing one flow through common share and one half of a common share purchase warrant. Each warrant is valid for a period of 18 months from closing and contains an exercise price of $4.50 per share.
Proceeds from the financing are to be used for drilling and exploration work at the firms Quebec properties.
Following the closing of the transaction, the company reportedly has a cash position of $5.3 million.
Starr Peak Exploration last traded at $3.81 on the TSX Venture.
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