Strait closes private placement
16 Août 2012 - 2:30PM
PR Newswire (Canada)
TSX-V: SRD TORONTO, Aug. 16, 2012 /CNW Telbec/ - Strait Minerals
Inc. ("Strait" or the "Company") is pleased to announce that it has
closed a private placement with Teck Resources Limited ("Teck")
whereby Teck subscribed for 3,000,000 common shares of Strait at
$0.10 per share. The securities issued to Teck are legended and
restricted from trading until December 16, 2012. The funds will be
used by the Company for general working capital. As a result of the
private placement, Teck holds directly 6,000,000 common shares of
the Company representing 10.56% of its outstanding share capital
after giving effect to the private placement. If Teck were to
exercise its existing 3,000,000 warrants exercisable at $0.25 per
warrant by December 16, 2012, or at $0.35 per warrant by December
31, 2013, it would hold 9,000,000 common shares directly out of a
partially diluted share capital of 59,862,586 common shares (after
giving effect to the private placement and the exercise of its
3,000,000 warrants and barring any other share issuances by the
Company) representing 15.03% of the Company's outstanding share
capital. 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 55%
interest with an option to increase that interest to 100% 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. Forward Looking Statement: Some of the
statements contained herein may be forward-looking statements which
involve known and unknown risks and uncertainties. Without
limitation, statements regarding potential mineralization and
resources, exploration results, and future plans and objectives of
the Company are forward looking statements that involve various
risks. The following are important factors that could cause
the Company's actual results to differ materially from those
expressed or implied by such forward looking statements: changes in
the world wide price of mineral commodities, general market
conditions, risks inherent in mineral exploration, risks associated
with development, construction and mining operations, the
uncertainty of future profitability and the uncertainty of access
to additional capital. There can be no assurance that
forward-looking statements will prove to be accurate as actual
results and future events may differ materially from those
anticipated in such statements. Strait undertakes no
obligation to update such forward-looking statements if
circumstances or management's estimates or opinions should change,
except as required by law. The reader is cautioned not to place
undue reliance on such forward-looking statements. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. Strait
Minerals Inc. CONTACT: Jim Borland,
Presidentjborland@straitminerals.comTel.: 416-223-9970Renmark
Financial Communications Inc.Robert Thaemlitz:
rthaemlitz@renmarkfinancial.comBettina Filippone:
bfilippone@renmarkfinancial.comTel.: (514) 939-3989 or (416)
644-2020www.renmarkfinancial.com
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