Electrum Discovery Corp. Announces Closing of the First Tranche of Private Placement and Upsizes Offering

About this update from Electrum Discovery Corp.

[{"type":"text","content":"Electrum Discovery Corp. Announces Closing of the First Tranche of Private Placement and Upsizes Offering\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Vancouver, Canada, October 2, 2024\n–\n \n\n TheNewswire -\n \n\n Electrum Discovery Corp.\n \n\n (\"\n \n\n Electrum\n \n\n \" or the \"\n \n\n Company\n \n\n \")\n \n\n (TSX-V:ELY |FRA:R8N |OTC:ELDCF)\n \n\n is\n \n\n pleased to announce that, further to\nits news release of September, 23\n \n\n rd\n \n\n , 2024, it has\nclosed the first tranche (the \"\n \n\n First\n \n\n T\n \n\n ranche\n \n\n \") of its non-brokered private placement\n \n\n (the \"\n \n\n Private\nPlacement\n \n\n \") of 10,700,284 units (the\n“\n \n\n Units\n \n\n ”)\n \n\n at a price of $0.07 per Unit (the\n \n\n \"\n \n\n Issue Price\n \n\n \"\n \n\n )\n \n\n to raise gross proceeds of $749,020.\n \n\n\n\n Furthermore, due to strong investor demand, it has\nupsized the Private Placement to up to $2,100,000, comprised of the\nsale of up to 30,000,000 Units.\n \n\n\n\n Each Unit is comprised of one common share of the\nCompany (a \"\n \n\n Unit\nShare\n \n\n \" and each common share of the\nCompany, a \"\n \n\n Common\nShare\n \n\n \") and one Common Share purchase\nwarrant of the Company (a \"\n \n\n Warrant\n \n\n \"), with each Warrant entitling\nthe holder thereof to purchase one additional Common Share at an\nexercise price of $0.15 for a period of three years from the date of\nissuance thereof (the \"\n \n\n Expiration Date\n \n\n \").\n \n\n\n\n Dr. Elena Clarici, President and CEO of Electrum\ncommented:\n \n\n \"We are\npleased to have completed the closing of the first tranche of our\nprivate placement and were delighted by the support from existing\nshareholders and interest from new investors\".\n \n\n\n\n Closing of the second tranche of the Private Placement\nis expected to occur on or before October 7\n \n\n th\n \n\n , 2024, or such\nother date or dates that the Company may determine.\n \n\n\n\n The proceeds of the Private Placement will be used by\nthe Company for the continued exploration of its Timok East\ncopper-gold project (\n \n\n \"\n \n\n Timok East\n \n\n \"\n \n\n ) including a maiden drill\nprogramme and for working capital purposes.\n \n\n\n\n All of the Units issued as part of the First Tranche\nare subject to a hold period expiring on February 2, ...

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