3/2/23

STUHINI EXPLORATION LTD. ANNOUNCES INCREASE OF PRIVATE PLACEMENT TO $1,900,000

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Vancouver, British Columbia – March 2, 2023 - Stuhini Exploration Ltd. (the “Company” or “Stuhini”) (TSX-V: STU and OTCPK: STXPF) is pleased to announce that, due to demand from potential investors, its non-brokered private placement announced on February 23, 2023 has been increased by $300,000 for total aggregate gross proceeds to the Company of up to $1.9 million (the “Private Placement”).

The Private Placement will consist of units of the Company (“Units”) at a price of $0.40 per Unit. Each Unit will consist of one common share (each a “Common Share”) of the Company and one half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant is exercisable into one Common Share at a price of $0.50 per Common Share for a period of two years following the closing of the Private Placement. 

In connection with certain subscriptions under the Private Placement, the Company may pay finders’ fees in cash of up to 6% of the gross proceeds from the sale of Units placed by the finder and issue finder’s warrants entitling the finder to purchase such number of Common Shares that is equal to up to 6% of the number of Units placed by the finder (“Finder’s Warrants”). Each Finder’s Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.50 per Common Share for a period of two years following the closing of the Private Placement.

The terms of the Private Placement and the proposed use of proceeds are otherwise as previously disclosed in the Company’s news release dated February 23, 2023.

The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange. All securities to be issued pursuant to the Private Placement will have a hold period of four months and one day from the closing of the Private Placement.

About Stuhini Exploration Ltd.
Stuhini is a mineral exploration company focused on the exploration and development of precious and base metals properties in western Canada and southwestern USA. The Company’s portfolio of exploration properties includes: its flagship, the Ruby Creek Property located approximately 20 km east of Atlin, British Columbia; the Que Project located approximately 70 km north of Johnson’s Crossing in the Yukon; the South Thompson Project located approximately 35 km northwest of Grand Rapids, Manitoba; the Big Ledge Property located approximately 57 km south of Revelstoke, British Columbia; and its portfolio of 4 properties in southeast Arizona.

FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking statements” within the meaning of Canadian securities legislation. Such forward-looking statements concern, without limitation, the intended use of proceeds of the Private Placement and the molybdenum mineral resource estimate. Such forward-looking statements or information are based on a number of assumptions any of which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; timing and amount of capital expenditures; favorable weather conditions including but not limited to snow, rainfall and forest fires, and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forward‑looking statements as a result of risk factors including, but not limited to: the availability of funds; the timing and content of work programs; results of exploration activities of mineral properties; the interpretation of drilling results and other geological data; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

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.

For further information please contact: 
David O’Brien 
President & Chief Executive Officer
Stuhini Exploration Ltd.  
Email: dobrien@stuhini.com 
Phone: (604) 835-4019
Web: www.stuhini.com


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