BTU Closes Flow Through Financing

Rhea-AI Summary

BTU Metals Corp. has successfully completed a non-brokered private placement, raising $540,000 by issuing 6,000,000 flow-through units at $0.09 each. Each unit consists of one common share and a half warrant, with the whole warrant allowing the purchase of one share at $0.15 for 18 months. Funds will be allocated to ongoing work at the Dixie Halo Project in Ontario, targeting high-grade gold and VMS deposits. The offering is pending final approval from the TSX Venture Exchange.

Positive

• Raised $540,000 through non-brokered private placement.
• Funds to support ongoing exploration at high-grade gold targets.
• Potential for increased shareholder value with warrants at $0.15.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 18, 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 4, 2021), of 6,000,000 flow-through units (the "FT Units") at a price of $0.09 per FT Unit (the "FT Offering"), for aggregate gross proceeds of $540,000.

Each flow-through unit shall be comprised of one common share of the company issued on a flow-through basis and one-half of one common share purchase warrant to be issued on a non-flow-through basis. Each whole warrant shall entitle the holder thereof 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. The flow-through shares will qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and Section 359.1 of the Taxation Act (Quebec).

Finders' fees of $24,570 were paid to arm's length parties.

The shares and warrant comprising the units are subject to a 4 month hold period expiring March 19^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 ongoing work programs at the Dixie Halo Project located in Red Lake, Ontario, contiguous to Great Bear Resources, as the Company continues to drill at its high-grade gold targets at Dixie Creek and its VMS targets at TNT.

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/673697/BTU-Closes-Flow-Through-Financing

FAQ

What is the total amount raised by BTU Metals Corp in the private placement?

BTU Metals Corp raised a total of $540,000 in the private placement.

What are the terms of the warrants issued in the private placement?

The warrants allow holders to purchase one common share at a price of $0.15 for a period of 18 months.

What project will the proceeds from the offering be used for?

Proceeds will be used for ongoing exploration at the Dixie Halo Project located in Red Lake, Ontario.

When is the hold period for the shares and warrants issued?

The shares and warrants are subject to a 4-month hold period expiring on March 19, 2022.

What is the price per flow-through unit in the private placement?

Each flow-through unit was priced at $0.09.