Precious and base metals-focused Stuhini Exploration Ltd. completed its IPO of 4,083,000 common shares at 20 Canadian cents per share raising C$816,000.
The company said May 21 it will use the net proceeds mainly to fund phase one exploration and other expenditures at its Metla gold-silver-base metals property in British Columbia, administrative costs over the next year, and for general working capital purposes.
Unallocated working capital will be used to start phase two of the work program and to review potential acquisitions.
The shares were listed on the TSX Venture Exchange on May 21 and are expected to start trading on May 23 under the symbol STU.
Haywood Securities Inc. acted as the exclusive agent for the IPO.