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Cortus Closes Initial $600,000 Tranche of Private Placement
Edmonton, Alberta--(Newsfile Corp. - August 31, 2021) - Cortus Metals Inc.  (TSXV: CRTS)...
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[{"type":"text","content":"Cortus Closes Initial $600,000 Tranche of Private PlacementEdmonton, Alberta--(Newsfile Corp. - August 31, 2021) - Cortus Metals Inc. (TSXV: CRTS) (OTCQB: CRTTF) (the \"Company\", or \"Cortus\"), is pleased to announce that it has completed a first tranche of its previously announced private placement (the \"Financing\") (see press release dated August 27, 2021) raising aggregate gross proceeds of $600,000.00 through the sale 4,000,000 units at a price of $0.15 per unit (each a \"Unit\").Each Unit comprised one common share and one half of one share purchase warrant. Each whole warrant (a \"Warrant\") entitles the holder to acquire an additional common share at a price of $0.25 per share until August 31, 2022. The Warrants are subject to an accelerated expiry provision such that if the closing price of the Company's common shares is equal to or greater than $0.30 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.Finder's fees of $24,012 in cash and 160,080 in finder's warrants, bearing the same terms as the Warrants, were paid to registered dealers in connection with the Financing. The securities issued pursuant to the Financing bear a four month hold period expiring on January 1, 2022. Sean Mager, a director and the CEO of the Company, indirectly subscribed for 223,666 Units of the Financing, bringing his aggregate holdings to 3.30% of the Company's outstanding shares. James Greig, a director of the Company, directly subscribed for 100,000 Units of the Financing and Jesse Teufeld, the CFO of the Company, directly subscribed for 75,000 Units of the Financing, with each of their holdings being less than 1% of the Company's outstanding shares.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 TSXV. The Company anticipates completing further tranches of the Financing shortly.About Cortus Metals Inc.Cortus Metals Inc. (TSXV: CRTS) (OTCQB: CRTTF) is a new Canad...