BTU Closes Financing

Rhea-AI Summary

BTU Metals Corp. announced the closing of a non-brokered private placement, raising $274,500 through the sale of 3,050,000 units at $0.09 per unit. Each unit consists of one common share and one-half share purchase warrant, allowing the purchase of additional shares at $0.15 for 18 months. The financing is subject to final approval by the TSX Venture Exchange, and proceeds will support operations at the Dixie Halo project. A finder's fee of $7,245 was paid, and the shares are under a 4-month hold.

Positive

• Successfully raised $274,500 through a private placement.
• Funding will support drilling high-grade gold targets at the Dixie Halo project.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 23, 2021 / BTU METALS CORP. ("BTU" or the "Company") (TSXV:BTU)(OTCQB:BTUMF) announces it has closed its previously announced non-brokered private placement, (see Press Releases November 11 & 17, 2021), of 3,050,000 units at a price of $0.09 per unit for aggregate gross proceeds of $274,500.

Each unit shall be comprised of one common share of the company and one-half of one transferable common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share of BTU at a price of $0.15 for a period of 18 months following the closing of the offering.

Finders' fees of $7,245.00 were paid to arm's length parties.

The shares and warrant comprising the units are subject to a 4 month hold period expiring March 24^th, 2022.

Closing of the offering is subject to final approval of the TSX Venture Exchange.

Proceeds raised from the Offering will be used for operations on the ground as well as general and administrative purposes as the Company continues to drill its high-grade gold targets on its Dixie Halo project now at Heiwall and Rose Lakes, to be followed by Pakwash North and additional gold targets.

BTU Metals Corp. is a junior, mining exploration company focused on its Dixie Halo project located in Red Lake, Ontario.

ON BEHALF OF THE BOARD

"Paul Wood"

Paul Wood, CEO, Director
pwood@btumetals.com

FOR FURTHER INFORMATION, PLEASE CONTACT:
Andreas Curkovic, Investor Relations
+1 416-577-9927

BTU Metals Corp.
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: BTU Metals Corp.

View source version on accesswire.com:
https://www.accesswire.com/674510/BTU-Closes-Financing

FAQ

How much did BTU Metals raise in the recent private placement?

BTU Metals raised $274,500 through the sale of 3,050,000 units at $0.09 per unit.

What is the price of the share purchase warrant for BTUMF?

The share purchase warrant allows the purchase of shares at a price of $0.15 for 18 months.

What will the proceeds from the private placement be used for?

The proceeds will be used for operations and administrative purposes related to the Dixie Halo project.

When does the hold period for BTU shares expire?

The hold period for BTU shares expires on March 24, 2022.

What is the status of the private placement approval for BTU Metals?

The closing of the offering is subject to final approval from the TSX Venture Exchange.