Southstone Announces Private Placement
06 November 2023 - 10:15PM
Southstone Minerals Limited (TSXV:SML) (“Southstone” or the
“Company”) (TSX.V – SML) announces that it has initiated a
non-brokered private placement of up to 10M units at a price of
C$0.05 per unit for gross proceeds up to C$500,000 (the
"
Private Placement").
Each unit of the Private Placement shall consist
of one common share in the capital of the Company and one-half of a
share purchase warrant, with each whole warrant entitling the
holder to purchase one additional common share at a price of C$0.10
per share at any time within two years from the date of issuance.
The warrants shall also be subject to an accelerated exercise
clause in the event the Company's share price exceeds C$0.15 for 10
consecutive trading days.
Proceeds from the Private Placement are
anticipated to be used on exploration of the Visirivier and Kabies
Sections of the Oena Mining License which have had little
exploration or mining activity to date as well as for general
working capital purposes.
The Company may pay finders fee's in either
cash, shares, share purchase warrants or a combination thereof, as
permitted by regulators, on a portion or all the Private Placement.
Closing of the Private Placement is expected to occur on or before
31 December 2023. All securities issued under the Private Placement
will be subject to a hold period of four months from the date of
issuance.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy nor shall there be any
sale of any of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful, including any of the
securities in the United States of America. The securities have not
been and will not be registered under the United States Securities
Act of 1933, as amended (the "1933 Act") or any state securities
laws and may not be offered or sold within the United States or to,
or for account or benefit of, U.S. Persons (as defined in
Regulation S under the 1933 Act) unless registered under the 1933
Act and applicable state securities laws, or an exemption from such
registration requirements is available.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SOUTHSTONE MINERALS LIMITEDTerry L. Tucker,
P.Geo.Executive Chairman
For additional information, please contact Terry
L. Tucker at info@southstoneminerals.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Capitalized terms used herein that have
not been defined have the same meanings ascribed in the policies of
the TSX.V.
Forward-Looking StatementThis
news release of Company contains statements that constitute
“forward-looking statements.” Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause Southstone’s actual results, performance or
achievements, or developments in the industry to differ materially
from the anticipated results, performance or achievements expressed
or implied by such forward-looking statements.
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