Stuhini Exploration Ltd. (TSXV: STU) recently announced its plan to offer a non-brokered private placement to raise $2.3 million in gross proceeds.
Under the agreement, Stuhini Exploration will be offering 2.0 million flow-through shares at $0.65 per share and 2.0 million non-flow-through shares at $0.50 per share. No warrants are included under the offering.
The proceeds from the offering of the flow-through shares are expected to fund exploration programs on Stuhini Exploration’s Ruby Creek property in British Columbia. On the other hand, the proceeds of the non-flow-through shares offering are intended to fund exploration programs on its mineral properties, including its Que property and South Thompson Nickel project, as well as general and administrative expenses.
The offering is still subject to regulatory and customary approvals.
Stuhini Exploration Ltd. last traded at $0.60 on the TSX Venture.
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