Starr Peak Raises $3.8 Million In Strategic Financing

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.


FULL DISCLOSURE: Starr Peak Exploration is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Starr Peak Exploration on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

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