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  • Stelmine Canada (STH) has arranged a C$3.25 million non-brokered private placement
  • The company will use the proceeds for an upcoming drill program at the Courcy and Mercator properties
  • Both properties carry the potential for gold discoveries based on previous analysis
  • Stelmine is a junior mining exploration company pioneering a new gold district (Caniapiscau) east of James Bay in northern Quebec
  • Stelmine Canada (STH) is up by 11.11 per cent and is currently trading at $0.25 per share

Stelmine Canada (STH) has arranged a C$3.25 million non-brokered private placement.

The company will offer up to 13 million units priced at $0.25 each to raise total gross proceeds of up to $3,250,000.

Each unit comprises one Stelmine common share and one-half of one share purchase warrant.

Each warrant entitles the holder to acquire one Stelmine common share for $0.35 for 36 months from issuance.

Stelmine will use the proceeds for an upcoming drill program at the Courcy and Mercator properties in Quebec’s Caniapiscau gold district.

Drilling at Courcy will target gold mineralization now interpreted to be associated with a major thrust fault. 

Mercator has the potential for a large-scale gold system with mineralization discovered in metasediments and amphibolites at surface along a 1.9 km trend of faulted and folded iron formations, which is open for significant expansion to the northeast and southwest.

Stelmine is a junior mining exploration company pioneering a new gold district (Caniapiscau) east of James Bay in northern Quebec.

Stelmine Canada (STH) is up by 11.11 per cent and is currently trading at $0.25 per share as of 11:13 am ET.

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