Sterling Metals closes $14 million private placement to advance SOO Copper Project, Ontario

Sterling Metals Corp. [TSXV: SAG; OTCQB: SAGGF] has closed its non-brokered private placement through the issuance of 5,244,517 units at a price of $1.50 per unit and 2,666,662 charity flow-through units at a price $2.30 per charity FT unit for aggregate gross proceeds of $14,000,098.10.

Mathew Wilson, CEO and director of Sterling, commented: “With approximately $15 million in the treasury, we are in a strong position to rapidly advance the Soo copper project, Ontario. The $6.2 million raised through charity flow-through represents the minimum we anticipate spending on the project next year, the majority of which will be directed toward drilling.

“We continue to benefit from first-in-class cost advantages due to exceptional access and infrastructure which has allowed us to rapidly advance this project. This year’s summer-fall program, which was significantly expanded following the discovery, included 29 holes totalling approximately 11,000 metres which brings our total drilling for the year to over 13,000 metres. All holes are currently in the lab or being prepped, and we expect to begin receiving and releasing assays in the coming weeks. We anticipate a short break in drilling until early February while we incorporate this incoming data and develop a winter program. We are eager to see the results of this program and begin piecing together what we believe is one of the most significant new copper discoveries in Canada.”

Each unit will comprise one common share in the capital of the company and one-half of one common share purchase warrant of the company. Each warrant will entitle the holder to acquire one common share at a price of $3.00 per common share for two years from closing. Each charity FT unit shall be comprised of one common share issued on a flow-through basis and one-half of one warrant, having the same terms as the warrants comprising the units.

In connection with the closing of the offering, the company paid certain eligible persons a cash commission in the amount of $58,199.88.

Sterling Metals is is advancing the 25,000-hectare Soo copper project in Ontario which has past production, and multiple breccia and porphyry targets strategically located near robust infrastructure and the 29,000-hectare Adeline project in Labrador which covers an entire sediment-hosted copper belt with significant silver credits.

Sterling Metals acknowledges that its exploration activities within the Soo copper project are conducted on the traditional lands of the Batchewana, Garden River and Michipicoten First Nations of the North Shore of Lake Superior.