Business
BTU Closes Oversubscribed Financing
VANCOUVER, BC / ACCESS Newswire / March 23, 2026 / BTU METALS CORP. ("BTU" or the "Company") ...
About this update from Btu Metals Corp
BTU Closes Oversubscribed FinancingVANCOUVER, BC / ACCESS Newswire / March 23, 2026 / BTU METALS CORP. ("BTU" or the "Company") (TSXV:BTU)(OTCQB:BTUMF) is pleased to announce it has closed its previously announced non-brokered private placement (see news release dated March 17, 2026), which is oversubscribed, for aggregate gross proceeds of $663,900 (the "Private Placement"). The financing consisted of 11,065,000 units (the "Units") priced at $0.06 per Unit.Proceeds raised from the Offering will be used to advance exploration programs across its Ontario project portfolio, including Red Lake and Wawa, and for general working capitalEach unit comprises one common share of the company and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder thereof to acquire one common share of BTU at a price of $0.10 for a period of 12 months following the closing of the offering.In connection with the oversubscribed offering, the Company paid finders' fees to eligible finders consisting of $16,981.20 in cash and 283,020 non-transferable common share purchase warrants. Each finder warrant is exercisable to acquire one common share in the capital of the company at an exercise price of $0.075 per common share for a period of 12 months from the date of issuance.A senior officer of the Corporation has subscribed for an aggregate of 170,000 Units as part of the Private Placement, which participation constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and Policy 5.9 of the TSXV. The Corporation is relying on the exemption for a formal valuation under section 5.5(b) of MI 61-101 (trading on the TSXV), and on the exemption for minority shareholder approval under section 5.7(1)(b) of MI 61-101 (fair market value of less than $2,500,000).The securities issued under the offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities. Closing of the offering is subject to approval of the TSX Venture Exchange.Paul Wood, CEO of BTU Metals Corp., stated "We are pleased to close this oversubscribed financing and welcome new shareholders to BTU. With this funding, alongside our recent flow-throu...