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BTU Metals Closes Non-Brokered Private Placement for $2 Million with Strategic Investor
VANCOUVER, BC / ACCESSWIRE / October 8, 2020 / BTU METALS CORP. ("BTU" or the "Company") (TS...
About this update from Btu Metals Corp
[{"type":"text","content":"BTU Metals Closes Non-Brokered Private Placement for $2 Million with Strategic InvestorVANCOUVER, BC / ACCESSWIRE / October 8, 2020 / BTU METALS CORP. (\"BTU\" or the \"Company\") (TSXV:BTU)(OTC PINK:BTUMF) is pleased to announce it has closed its previously announced non-brokered flow-through private placement (see PR dated September 21, 2020) for aggregate proceeds of $2,062,500 consisting of 7,500,000 flow-through units. Each flow-through unit is comprised of one common share of the company issued on a flow-through basis and one-half of one common share purchase warrant to be issued on a non-flow-through basis. Each whole warrant shall entitle the holder thereof to acquire one common share of BTU at a price of $0.30 for a period of 36 months following the closing of the offering. The flow-through shares will qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and Section 359.1 of the Taxation Act (Quebec). The warrants issued with the units sold are subject to an acceleration provision. After four months have elapsed from closing, if BTU's shares trade above $1.00 for 10 consecutive trading days, the Company has the option to provide notice to the warrant holder that their warrants will expire if they are not exercised within 30 days.The Company is pleased to welcome SSI Asset Management Ltd (\"SSI\"), an independent asset management firm with an emphasis on precious metals and mining, as a long-term shareholder of BTU Metals.The gross proceeds of the Offered Securities will be used for exploration including core drilling programs at the Company's highly prospective Dixie Halo project in Red Lake, Ontario.The securities issued under the offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities. A finder's fee of $40,000 is payable by way of 200,000 common shares of the Company at a deemed price of $0.20 per share.Closing of the offering is subject to final approval of the TSX Venture Exchange.About BTUBTU is pursuing both high-grade gold targets and copper-dominant massive sulfide targets on its 200 square kilometre property that shares a 35 kilometre border with GBR. The property is 25 kilometres southeast of Red Lake, Ontario in an...