VANCOUVER, May 21, 2019 /CNW/ - Stuhini Exploration Ltd. (the "Company") (TSX-V: "STU") is pleased to announce that the Company completed its initial public offering ("IPO") of 4,083,000 common shares of the Company ("Shares") at a price of $0.20 per Share for aggregate gross proceeds of $816,000. The Shares were listed on the TSX Venture Exchange (the "Exchange") on May 21, 2019, trading was immediately halted and the Shares are expected to commence trading on the Exchange on or about May 23, 2019 under the trading symbol "STU".

Haywood Securities Inc. (the "Agent") acted as exclusive agent in respect of the IPO on a commercially reasonable efforts basis. Pursuant to the IPO, the Agent received a cash commission equal to 8% (4% on President's List) of the gross proceeds of the Offering and a non-transferable compensation option entitling the Agent and members of its selling group to purchase 230,840 Shares at $0.20 per Share at any time until May 21, 2021. The Agent also received a corporate finance fee of $20,000.

The net proceeds of the IPO will primarily be used to fund Phase 1 work program exploration and other expenditures on the Company's Metla Property, as well as for expenses of the IPO, general and administrative costs over the next twelve months and general working capital purposes.  The unallocated working capital is expected to be used to begin Phase 2 of the work program and to identify and evaluate potential acquisitions. Upon closing of the IPO, the Company has 9,783,000 Shares issued and outstanding as of the date hereof, of which 2,870,000 Shares are subject to escrow, released 10% on the IPO Closing with an additional 15% released every six months over a 36-month period.

Additional information on the Company, the IPO and the Metla Property, can be found in the Company's prospectus dated February 15, 2019 as filed on SEDAR at www.sedar.com.

About Stuhini Exploration Ltd.: Stuhini is a mineral exploration company focused on the exploration and development of precious and base metals properties with its primary focus on the Metla Property located in northwestern British Columbia, Canada, approximately 150 kilometres south of the town of Atlin.

Forward-Looking Statements

This was release contains "forward‐looking information " within the meaning of Canadian securities laws, which may include, but are not limited to statements relating to the date of first trading in the Company's common shares and its future business plans. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, fluctuations in metal and commodity prices, market prices, failure to obtain permits, and continued availability of capital and financing, and general economic, market or business conditions. In particular, there is no guarantee that exploration work, as proposed, or otherwise, will be completed on the Metla Property. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those set out in the Company's prospectus. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Stuhini Exploration Ltd.

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