Vancouver, British Columbia--(Newsfile Corp. - January 24, 2022) - StraightUp Resources Inc. (CSE: ST) (OTCQB: STUPF) ("StraightUp"or the "Company") announces that it has closed the first and second tranche of its non-brokered private placement announced on January 10, 2022 (the "Private Placement"). The Company raised a total of $255,000 through the issuance of 150,000 flow through common shares at a price of $0.20 per flow through share (a "FT Share") and 1,125,000 units at a price of $0.20 per unit (a "Unit"). Each Unit consists of one common share and one-half of one transferable common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of $0.30 per warrant share for a period of two years expiring January 17, 2024 (as to 62,500 warrants) and January 24, 2024 (as to 500,000 warrants).
The Company paid cash commission of $6,850 and issued 8,750 finder warrants at a price of $0.30 for a period of two years expiring January 17, 2024. All securities issued are subject to a four month hold period expiring May 18, 2022 (as to 125,000 Units) and May 25, 2022 (as to 1,000,000 Units and 150,000 FT Shares).
The net proceeds from the sale of the FT Shares will be used for exploration on the Company's projects in Canada and the net proceeds from the sale of the Units will be used for the advancement of the Company's exploration assets and for general working capital.
On Behalf of the Board of Directors
Mark Brezer President and Director
For further information, please contact:
President and Director
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release).
The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined under the U.S. Securities Act) absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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