TORONTO, ONTARIO--(Marketwired - Sep 16, 2013) - Strait Minerals Inc. ("Strait" or the "Company") (TSX VENTURE:SRD) wishes to announce that it is offering up to 5,000,000 working capital units ("WC Units") of the Company at a price of $0.07 per WC Unit for gross proceeds of up to $350,000 (the "Offering"). Each WC Unit will consist of one (1) common share of the Company and one (1) share purchase warrant (each a "WC Warrant"). Each WC Warrant will entitle the holder to acquire an additional common share at the price of $0.12 per share for twelve (12) months following the closing of the Offering. The Company may pay finder's fees of up to 3% cash plus up to 7% Compensation Warrants for funds raised by eligible finders for the sale of WC Units. Each Compensation Warrant entitles the finder to acquire one (1) compensation unit at a price of $0.07 (the "Compensation Units") for each WC Unit sold for twelve (12) months from the closing of the Offering. Each Compensation Unit entitles the finder to acquire a WC Unit comprised of one (1) common share priced at $0.07 and one (1) WC Warrant.
The proceeds from the Offering will be used for general working capital.
Insiders of the Company may subscribe for up to 10% of the Offering. The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI61-101") by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company to be issued to insiders does not exceed 25% of its market capitalization.
About Strait Minerals Inc.
Strait Minerals Inc. is a Canadian mineral exploration company active solely in Peru since 2003 and listed on the TSX Venture Exchange. It holds a 100% interest in the Alicia copper-gold property which lies within the Andahuaylas-Yauri copper belt approximately 500 km southeast of Lima. Strait has granted Teck Peru S.A., a wholly owned subsidiary of Teck Resources Limited, an option to earn up to a 75% interest in the property by, among other things, spending $30 million on exploration or by spending $10 million on exploration and delivering a pre-feasibility study. The Company also holds an option to earn a 100% interest in the Caribe copper-molybdenum property approximately 80 km west of Alicia and holds a 100% interest in both the Letra Rumi South base metals property and the Culebrilla precious metals property approximately 250 km north of Lima. The Company continuously reviews exploration opportunities in Peru and is actively seeking additional projects. Please visit our web site at www.straitminerals.com.