Sterling Metals Completes Private Placement of Units

Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGD) has announced the closing of a non-brokered private placement, raising gross proceeds of $1,520,500. The offering involved issuing 6,082,000 units at $0.25 each. Each unit includes one common share and one-half of a common share purchase warrant. Warrants enable the acquisition of a common share at $0.40 for two years from closing.

The company paid a $8,250 cash commission to certain finders and distributed 33,000 broker warrants. Like the primary warrants, each broker warrant is valid for two years at $0.40 per share. All securities are subject to a four-month hold period and relevant resale regulations.

Proceeds will fund general working capital. Regulatory approvals, including TSX Venture Exchange approval, are required for the offering's completion. The transaction involved related parties; however, exemptions to valuation and minority approval requirements were applied. No material change report was filed before the offering's close, deemed necessary for a timely process.