Sterling Metals upsizes private placement to $14 million

Sterling Metals Corp. (TSXV:SAG)(OTCQB: SAGGF) increased the size of its non-brokered private placement to up to $14,000,000.60 in aggregate gross proceeds, the company announced in a press release.

The offering comprises up to 5,244,452 units at $1.50 per unit and up to 2,666,662 charity flow-through units at $2.30 per charity flow-through unit. This represents an increase from the company's November 5 announcement.

Each unit includes one common share and one-half of one common share purchase warrant. Each warrant allows the holder to acquire one common share at $3.00 per share for two years from the offering's closing date. Each charity flow-through unit consists of one common share issued on a flow-through basis and one warrant with the same terms as those in the units.

The company may pay eligible persons a cash commission equal to 6% of the offering's gross proceeds. All securities will be subject to a four-month-plus-one-day hold period from issuance and applicable resale rules.

Net proceeds from unit sales will fund general working capital purposes. Gross proceeds from charity flow-through unit sales will be used for eligible Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures under Canada's Income Tax Act.

The closing requires regulatory and other approvals, including TSX Venture Exchange approval. The company expects certain insiders to participate in the offering.

Sterling Metals focuses on Canadian mineral exploration opportunities, advancing the 25,000-hectare Soo Copper Project in Ontario and the 29,000-hectare Adeline Project in Labrador.

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