Strategic Metals Ltd. completes $600,000 Financing
May 17, 2016 -- Strategic Metals Ltd. (TSX-V: SMD) ("Strategic") announces that it has closed the private placement announced on May 13, 2016, consisting of the sale of 1,000,000 flow-through common shares at a price of $0.60 per share, for gross proceeds of $600,000.
The proceeds from this private placement will be used to incur Canadian Exploration Expenditures as defined in the Income Tax Act (Canada). All expenditures will be incurred by December 31, 2016. All shares issued under the private placement will be subject to a four month hold period in Canada expiring on September 18, 2016.
A finder's fee of $36,000 was paid to Secutor Capital Management Corp. of Toronto, Ontario.
About Strategic Metals Ltd.
Strategic is a project generator and the largest claim holder in Yukon, which the Fraser Institute recently rated as the best jurisdiction in Canada for mineral potential. Strategic's portfolio of more than 100 projects is the result of 50 years of focussed exploration and research by a team with a track record of major discoveries. Current projects available for option, joint venture or sale include drill-confirmed prospects and drill-ready targets with high-grade surface showings, geochemical anomalies and geophysical features similar to those at nearby deposits.
Strategic has a current cash position of approximately $20 million and significant shareholdings in a number of active mineral exploration companies including 46.6% of Rockhaven Resources Ltd., 8.6% of ATAC Resources Ltd., 28.7% of Precipitate Gold Corp. and 19.99% of Silver Range Resources Ltd.
If you have any questions concerning Strategic or its properties, please contact Richard Drechsler.
ON BEHALF OF THE BOARD
"W. Douglas Eaton"
President and Chief Executive Officer
For further information concerning Strategic or its various exploration projects please visit our website atwww.strategicmetalsltd.com or contact:
Strategic Metals Ltd.
W. Douglas Eaton
President and C.E.O.
Tel: (604) 688-2568
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
Neither the 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.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.