|By Marketwired .||
|May 9, 2014 04:30 PM EDT||
BOUCHERVILLE, QUEBEC -- (Marketwired) -- 05/09/14 -- Strateco Resources Inc. ("the Company") (TSX: RSC)(FRANKFURT: RF9) is pleased to announce that it signed an agreement on May 8, 2014, with Sentient Executive GP IV, Limited (for the general partner of Sentient Global Resources Fund IV, L.P (collectively, "Sentient")) for a $1.4 million private placement. SeqUr Exploration Inc. ("SeqUr"), a wholly-owned subsidiary of the Company, also signed an agreement with Sentient on the same day for a private placement of $100,000.
The first agreement, for $1.4 million, represents 28 million common shares of the Company at $0.05 per share. The Company will not pay any commission or fees in connection with this financing.
The proceeds of the placement will be used for the Matoush project maintenance and working capital. An amount of $250,000 will be allocated to the option agreement on the Jasper Lake project in Saskatchewan.
The private placement is subject to regulatory approval and to shareholder approval at the Annual General and Special Meeting of Shareholders (the "Meeting") to be held on May 27, 2014. Sentient may not vote on the special resolution. Sentient presently owns 14.80% of the issued and outstanding common shares of the Company and would own 25.95% of the common shares of the Company following the closing of the private placement. The agreement also grants Sentient the right to two representatives on the Company's Board of Directors for as long as it owns more than 20% of the Company's outstanding common shares. The Company's Board is currently composed of eight members, including one Sentient representative.
The second agreement provides for a private placement between Sentient and SeqUr of 5 million common shares in SeqUr priced at $0.02 per share for a total of $100,000. The proceeds of the placement will be used for the organization of SeqUr. SeqUr will not pay any commission or fee in connection with this financing.
The Company expects to receive 15 million common shares of SeqUr in exchange for the proposed transfer of the Jasper Lake option to SeqUr. The Company shareholders will vote on a special resolution at the Meeting, as further described in the management information circular, which will enable the directors to determine whether the proposed distribution of the SeqUr shares to the Company shareholders is warranted in connection with a proposed initial public offering of SeqUr.
This news release contains "forward-looking statements" subject to certain risks and uncertainties. There can be no assurance that these statements will prove to be correct. Actual results and future events could differ significantly from those implied by such statements. These risks and uncertainties are discussed in Strateco's annual information form filed with the securities commissions of British Colombia, Alberta, Ontario and Quebec.
Strateco Resources Inc.
President and Chief Executive Officer
450.641.0775 / 1.866.774.7722
Strateco Resources Inc.
Executive and Exploration Vice President
450.641.0775 / 1.866.774.7722
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