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Etruscus Resources Increases Private Placement and Announces Lead Order From Palisades Goldcorp
VANCOUVER, BC, Aug. 5, 2020 /CNW/ - Etruscus Resources Corp. (CSE: ETR) (FSE: ERR) (the "Company" or "Etruscus") is pleased to announce that, further to its pre
About this update from Etruscus Resources Corp.
[{"type":"text","content":" VANCOUVER, BC, Aug. 5, 2020 /CNW/ - Etruscus Resources Corp. (CSE: ETR) (FSE: ERR) (the \"Company\" or \"Etruscus\") is pleased to announce that, further to its press release from July 8, 2020 and July 27, 2020, the Company has increased its non-brokered private placement from $1 million to $1.525 million with a lead order from Palisades Goldcorp Ltd. Up to 2,500,000 non-flow-through units will be offered at a price of $0.35 per unit for proceeds of up to $875,000, with each unit consisting of one (1) common share and one (1) non-transferable share purchase warrant. Each warrant is exercisable for a period of three (3) years for the purchase of one (1) additional common share at a price of $0.50 per share. Up to 1,444,444 flow-through units will be offered at a price of $0.45 per unit for proceeds of up to $650,000, with each flow-through unit consisting of one (1) flow-through common share and one (1) non-flow-through, non-transferable share purchase warrant. Each warrant is exercisable for a period of three (3) years for the purchase of one (1) additional non-flow-through common share at a price of $0.60 per share. Gordon Lam, CEO commented, \"with increased demand for the offering, Etruscus has increased the offering size. The additional capital will allow Etruscus to accelerate their work program. We are thrilled to see Palisades invest, seeing the potential and vision we have in building our company.\" The Company may pay finder's fees in connection with the private placement as permitted by securities law to certain finders. Proceeds of the non-flow-through financing will be used for exploration and general working capital. The gross proceeds from the flow-through financing will be used to fund Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)) which shall qualify as \"flow-through mining expenditures\", for purposes of the Income Tax Act (Canada), related to the Company's Rock & Roll and Sugar properties in BC. About Palisades Goldcorp Palisades Goldcorp is Canada's new resource focused merchant bank. Palisades' management team has a demonstrated track record of making money and is backed by many of the industry's most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a maj...