Sterling Metals raises $10 million through private placement offering

Sterling Metals Corp. (TSXV:SAG)(OTCQB: SAGGF) announced a non-brokered private placement offering to raise aggregate gross proceeds of up to $10 million.

The offering consists of up to 3,088,888 units priced at $1.50 each and up to 2,333,334 charity flow-through units priced at $2.30 each. Each unit includes one common share and one-half of a warrant, with each full warrant allowing the purchase of one common share at $3.00 for two years following closing.

The charity flow-through units comprise one flow-through common share and one warrant with identical terms. These units qualify as flow-through shares under subsection 66(15) of Canada's Income Tax Act.

Sterling may pay eligible persons a 6% cash commission on gross proceeds. All securities will be subject to a four-month-plus-one-day hold period from issuance date.

The company will use net proceeds from unit sales for general working capital purposes. Gross proceeds from charity flow-through unit sales will fund eligible Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures under Canadian tax law.

The closing requires regulatory approvals, including TSX Venture Exchange approval. Company insiders are expected to participate in the offering.

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

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