Business
Etruscus Resources Closes Oversubscribed Private Placement
Vancouver, BC – TheNewswire - January 5, 2021 - Etruscus Resources Corp. (CSE:ETR) (CNSX:ETR.CN) (FSE:ERR) (the “Company” or “Etruscus”), a Vancouver-based juni
About this update from Etruscus Resources Corp.
[{"type":"text","content":"Vancouver, BC – TheNewswire - January 5, 2021 - Etruscus Resources Corp. (CSE:ETR) (CNSX:ETR.CN) (FSE:ERR) (the “Company” or “Etruscus”), a Vancouver-based junior exploration company, announces that, subject to Canadian Securities Exchange (“CSE”) approval, the Company has closed the second and final tranche of its non-brokered private placement announced on December 8, 2020, raising $62,500 for a total of $530,200. In this second tranche, the Company issued a total of 250,000 non-flow-through units at $0.25 per unit for proceeds of $62,500. For the entire private placement, the non-flow-through funds were oversubscribed by 260,000 units and will be used for both exploration and general working capital while the flow-through funds will be used for continued exploration of the Company’s Rock & Roll Property. Each non-flow-through unit consists of one common share and one-half (½) of one share purchase warrant at a price of $0.25 per unit. Each whole Warrant will entitle the holder to purchase one additional common share at a price of $0.40 per share for a 2-year period. Each flow-through unit consists of one flow-through common share and one-half (½) of one non-flow-through share purchase warrant at a price of $0.32 per unit. Each whole Warrant will entitle the holder to purchase one additional common share at a price of $0.50 per share for a 2-year period. All securities issued under tranche 2 are subject to a four month hold period which will expire on May 1, 2021. Finders’ fees were paid in accordance with securities regulations. The Company paid $2,000 and issued 8,000 finder’s warrants to an arms-length party in connection with tranche 2, as permitted by securities law. Gordon Lam, CEO commented, “We are very pleased to receive further support from funds and institutions who believe in our vision of the Rock & Roll and Sugar projects. As we await 2020 exploration and drilling results still being processed at the assay labs, we look forward to an exciting 2021 where we plan to accelerate development at our properties.” The flow-through shares will qualify as “flow-through shares” for the purposes of the Income Tax Act (Canada) (the “Act”). The Proceeds of the flow-through private placement will be used to incur “Canadian exploration expense” (within the meaning of the Act). The Company will renounce these expens...