BTU Closes Flow Through Financing

Rhea-AI Summary

BTU Metals Corp. has completed a non-brokered private placement of 4,905,445 flow-through units at $0.09 each, raising $441,490.05 in gross proceeds. Each unit consists of one common share and one-half of a common share purchase warrant, allowing the holder to acquire a common share at $0.15 within 18 months. The financing is subject to TSX Venture Exchange approval and will fund ongoing work at the Dixie Halo Project in Red Lake, Ontario, focusing on high-grade gold and VMS targets.

Positive

• Raised $441,490.05 in gross proceeds through flow-through units.
• Funds will support ongoing exploration at the high-grade gold targets in Dixie Halo Project.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / March 31, 2022 / BTU METALS CORP. ("BTU" or the "Company") (TSXV:BTU)(OTCQB:BTUMF) announces it has closed its previously announced non-brokered private placement, (see Press Release March 10, 2022), of 4,905,445 flow-through units (the "FT Units") at a price of $0.09 per FT Unit (the "FT Offering"), for aggregate gross proceeds of $441,490.05.

Each flow-through unit is 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 $12,250 and 136,111 finder's warrants were paid to arm's length parties. Finder's warrants entitle the Finder to purchase one common share in the Company at a price of $0.15 for a period of 18 months from the date of closing.

The shares and warrants comprising the units are subject to a 4 month hold period expiring August 1, 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/695592/BTU-Closes-Flow-Through-Financing

FAQ

What was the total amount raised by BTU in the recent private placement?

BTU Metals raised a total of $441,490.05 in gross proceeds.

What is the price per flow-through unit in BTU's recent financing?

Each flow-through unit was priced at $0.09.

What can the warrants from BTU's placement be used for?

The warrants allow holders to purchase common shares at $0.15 for 18 months.

What project will the proceeds from BTU's financing support?

The proceeds will support ongoing work at the Dixie Halo Project in Red Lake, Ontario.

What is the expiration date for the hold period on BTU's shares and warrants?

The hold period expires on August 1, 2022.