TORONTO, July 24, 2020 (GLOBE NEWSWIRE) -- Stroud Resources Ltd. (TSXV-SDR) (“Stroud” or “Company”) announces its intention to issue up to 7,500,000 units at $0.40 per unit (the “Units”) for gross proceeds of up to $3,000,000. Each Unit will be comprised of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable into one common share at a price of $0.60 for a period of one (1) year from closing.
All securities will be subject to a four-month hold period from the closing date. The private placement is subject to the approval of the TSXV. Eligible finders (each a “Finder”) are entitled to a cash commission equal to 7% of proceeds from the sale of Units sourced by the Finder (the “Finder’s Commission”). In addition, the Company shall issue to the Finder, Finder’s Warrants (the “Finder’s Warrants”) exercisable at any time from the closing date to the day prior to the date that is 24 months following the closing date to acquire, in aggregate, that number of common shares of the Company which is equal to 7% of the aggregate number of Units sourced by the Finder issued pursuant to the offering at an exercise price equal to $0.60 per Finder’s Warrant.
Proceeds raised through the issue of Units will be to advance the Company’s exploration properties located in Mexico and for general working capital purposes.
About Stroud Resources Ltd.
Stroud Resources is a TSX-V listed company focused on the exploration and development of its Santo Domingo epithermal silver-gold project in central Mexico.
For more information please visit www.stroudsilver.com
ON BEHALF OF THE BOARD OF DIRECTORS OF STROUD RESOURCES LTD.
CFO and Director
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