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TRU Precious Metals Announces Oversubscribed Private Placement of Subscription Receipts with a Lead Order from Palisades Goldcorp
Fredericton, New Brunswick--(Newsfile Corp. - March 1, 2021) - Further to its press release da...
About this update from Tru Precious Metals Corp.
[{"type":"text","content":"TRU Precious Metals Announces Oversubscribed Private Placement of Subscription Receipts with a Lead Order from Palisades GoldcorpFredericton, New Brunswick--(Newsfile Corp. - March 1, 2021) - Further to its press release dated February 16, 2021, TRU Precious Metals Corp. (TSXV: TRU) (OTCQB: TRUIF) (\"TRU\" or the \"Company\") is pleased to announce that it is upsizing its non-brokered private placement (the \"Offering\") due to strong investor demand. The Company now anticipates that the Offering will be completed for gross proceeds of not less than $2,500,000, consisting of not less than 11,363,637 subscription receipts (the \"Subscription Receipts\") at a price of $0.22 per Subscription Receipt, subject to TSX Venture Exchange (the \"Exchange\") approval, with a lead order from Palisades Goldcorp Ltd. (\"Palisades\").TRU Co-Founder and CEO Joel Freudman commented: \"We are very pleased with the significant demand we are seeing for the Offering. TRU anticipates participation from several institutional investors, including the lead order from Palisades, and retail brokerages, as well as existing shareholders and members of management and the board of directors. As a result, TRU determined to upsize the Offering with a view to fully funding its near-term exploration plans for the Golden Rose Project, among other initiatives to build shareholder value.\"Each Subscription Receipt will, upon completion of the Company's Change of Business (as defined below) and certain other customary conditions for a transaction of this nature, be automatically exercised into one unit of the Company (each, a \"Unit\"). Each Unit will be comprised of one (1) common share in the capital of the Company (each, a \"Share\") and one (1) Share purchase warrant (each, a \"Warrant\"), with each Warrant entitling the holder thereof to purchase one Share at a price of $0.35 for a period of 36 months following the date of closing of the Offering (the \"Closing Date\"), scheduled for March 4, 2021. As previously announced by TRU on February 24, 2021, the Company has entered into an option agreement dated February 23, 2021 with a subsidiary of TSX-listed Altius Minerals Corporation (\"Altius\") for the option to purchase the Golden Rose Project located in the Central Newfoundland Gold Belt, which transaction will constitute a Change of Business (the \"Change of B...