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Tectonic Metals Announces Non-Brokered Private Placement Financing to Fund Upcoming Drill Programs
Tectonic Metals Announces Non-Brokered Private Placement Financing to Fund Upcoming Drill ...
About this update from Tectonic Metals, Inc.
[{"type":"text","content":"\n\n\n\nTectonic Metals Announces Non-Brokered Private Placement Financing to Fund Upcoming Drill Programs\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, June 2, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, June 2, 2020 /CNW/ - Tectonic Metals Inc. (TECT: TSX-V) (\"Tectonic\" or the \"Company\") is pleased to announce that the Company has launched a non-brokered private placement financing of up to 15,000,000 units (the \"Units\") of securities at a price of C$0.20 per Unit for aggregate gross proceeds of up to C$3,000,000 (the \"Offering\").  Each unit is comprised of one common share of Tectonic and one-half common share purchase warrant (each whole warrant, a \"Warrant\").  Each whole Warrant will be exercisable for a common share at an exercise price of C$0.40 and will expire two years from the closing date of the private placement.\n\n \n \n \n \n \n \n\n \nTony Reda, President and CEO, said, \"We are pleased to have the opportunity to bring in significant new institutional investor support to the Tectonic registry on the heels of the strategic investment by Doyon, Ltd.  The net proceeds from this placement will enable Tectonic to conduct two robust drill programs this year.  We are ecstatic to advance our exploration program at Tibbs after our exciting results from last year's drill program, which included 6.03 g/t Au over 28.95 metres on a newly discovered structure approximately 35 km away from Northern Star's operating Pogo Mine.  We are also chomping at the bit to drill test our Seventymile Project, which hosts a 40 km long underexplored greenstone belt that hasn't seen a drill hole in 20 years despite some very interesting historical work.\" \nThe Financing\nThe Warrants are subject to an acceleration clause whereby if the volume-weighted average trading price of Tectonic's common shares on the TSX Venture Exchange (the \"TSXV\") is C$0.56 or greater for a period of ten (10) consecutive trading day...