Montréal, June 16, 2009 – Stelmine Canada Ltd. (TSX: STH) (“Stelmine”) announces that it has closed a $325,000 financing consisting of 3,250,000 units (each a “Unit” and collectively, the “Units”) of Stelmine, at $0.10 per Unit, for total gross proceeds of $325,000. Each Unit is comprised of one common share of Stelmine and one common share purchase warrant entitling the holder thereof to acquire one additional common share of Stelmine at $0.15 per share for a period of 12 months following the closing date.
All securities issued pursuant to the private placement are subject to a four-month hold period expiring on October 16, 2009. The private placement is subject to final TSX Venture Exchange acceptance for filing.
Two insiders have participated to the private placement for an aggregate of $15,000.00. A material change report with respect to the private placement has not been filed at least 21 days before the expected date of the closing as Stelmine was in need of the funds. Stelmine considers the shortened timeframe to be reasonable and necessary under these circumstances.
Proceeds of the private placement will be applied towards ongoing work on properties, and for operating working capital purposes.
Stelmine is a junior mining exploration company, the common shares of which are listed on the TSX Venture Exchange. It primary objective is to develop and bring into production viable gold and base metal deposits.
For further information please contact Michel Lemay at 514-866-6299.
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.