StraightUp Resources Inc. (CSE: ST) (OTCQB: STUPF) ("StraightUp" or the “Company”) is pleased to announce that it has entered into a Purchase Option Agreement dated January 20, 2022 (the “Purchase Option Agreement”) with each of 1544230 Ontario Inc. on behalf of Perry English and Gravel Ridge Resources Ltd. (together the “Optionors”) providing the Company the exclusive right and option (the “Option”) to acquire from the Optionors a 100% undivided interest in the Ranger/Otter mining project located in Red Lake, Ontario (the “Project”) subject only to a 1.5% net smelter returns royalty (the “NSR”) in favour of the Optionors. The Company has the right to buy back 1/3 of the NSR (0.5%) for $500,000 and has a right of first refusal with respect to any sale of the NRS. The Project, made up of 3 claims, comprising 61 cells and encompassing 3,050 acres, borders their 10,000-hectare RLX North and RLX South Projects to the northeast (Figure 1).
StraightUp Resources Inc. (CSE: ST) (OTCQB: STUPF) ("StraightUp" or the “Company”) is pleased to announce that it has received its early exploration permit (PR-21-000261) from the Ministry of Northern Development and Mine, Natural Resources and Forestry (NDMNF) on their RLX North property, located within the Red Lake Greenstone Belt of Northwestern Ontario. The permitted activities are mechanized drilling (assembled weight >150kg) and ground geophysical surveys requiring a generator. This permit is effective for a period of three (3) years.
StraightUp Resources Inc. ("StraightUp"or the “Company”) announces non-brokered private placement (the “Private Placement”), of up 7,500,000 Units (the “Units”) at a price of C$0.20 per Unit for aggregate gross proceeds of up to C$1,500,000. Each Unit in the Private Placement consists of one common share and one-half of one transferable common share purchase warrant. Each whole warrant entitles the subscriber to purchase one additional common share of the issuer at a price of $0.30 per warrant share for a period of two years from the closing date. If the common shares trade on the Canadian Securities Exchange at a price of $0.50 or greater per common share for a period of 10 consecutive trading days, the Company may accelerate the expiry of the warrants by giving notice to the holders thereof, such that the warrants shall expire on the 31st day after the date of such notice. The Company may offer a portion of the Private Placement on a flow through basis.