Cortus Arranges $1,500,000 Private Placement; Announces Warrant Exercise Incentive Program and Warrant Amendments

About this update from Metalero Mining Corp

[{"type":"text","content":"Cortus Arranges $1,500,000 Private Placement; Announces Warrant Exercise Incentive Program and Warrant AmendmentsEdmonton, Alberta--(Newsfile Corp. - December 2, 2021) - Cortus Metals Inc. (TSXV: CRTS) (OTCQB: CRTTF) (the \"Company\", or \"Cortus\") announces that it intends to raise aggregate gross proceeds of up to $1,500,000 through the issuance up to 15,000,000 units (each a \"Unit\") at a price of $0.10 per Unit (the \"Financing\"). The Company is not proceeding with the second tranche of the previously announced financing announced October 15, 2021.Private PlacementEach Unit will comprise one common share and one half of one share purchase warrant. Each whole warrant (a \"Warrant\") will entitle the holder to acquire an additional common share at a price of $0.15 per share for a period of 24 months. The Warrants will be subject to an accelerated expiry provision such that if the closing price of the Company's common shares is equal to or greater than $0.20 for a period of five consecutive trading days (at any time at or following the expiry of the four months resale restriction period), the Company may, by notice to the warrant holder in writing or via press release reduce the remaining exercise period applicable to the warrants to not less than 30 days from the date of such notice. Directors and officers of the Company may acquire Units in the Financing, which participation would be considered to be a \"related party transaction\" as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). Such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.Finder's fees may be paid to registered dealers or other qualified parties in connection with the Financing on terms to be determined. The proceeds of the Financing will be utilized for exploration expenditures on the Company's mineral properties, including land maintenance costs and general working capital. The completion of the Financing remains subject to the approval of the TSX Venture Exchange (\"TSXV\").This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any state...

More updates from Metalero Mining Corp