Southstone Minerals Limited announced a non-brokered private placement of up to 10,000,000 units at a price of CAD 0.05 per unit for the gross proceeds of up to CAD 500,000 on November 6, 2023. Each unit shall consists of one common share in the capital of the company and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of CAD 0.10 per share at any time within two years from the date of issuance. The warrants shall also be subject to an accelerated exercise clause in the event the company's share price exceeds CAD 0.15 for 10 consecutive trading days.

The company may pay finders fee's in either cash, shares, share purchase warrants or a combination thereof, as permitted by regulators, on a portion or all the Private Placement. The transaction is expected to close on or about December 31, 2023. All securities issued under the Private Placement will be subject to a hold period of four months from the date of issuance.