BTU Increases Hard Dollar Financing

Rhea-AI Summary

BTU Metals Corp. announces an increase in its non-brokered private placement to 3,050,000 units priced at $0.09 each, raising $274,500 in gross proceeds. Each unit consists of one common share and one-half share purchase warrant, with the full warrant exercisable at $0.15 for 18 months. Proceeds will fund ongoing work at the Dixie Halo Project in Ontario and cover general administrative costs. The offering is expected to close within the next 7 days, pending TSX Venture Exchange approval.

Positive

• Increased private placement from previous announcement, raising total gross proceeds to $274,500.
• Funds to support ongoing work programs at the Dixie Halo Project, enhancing growth potential.

Negative

• None.

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

Each Unit shall be comprised of one common share ("Share") and one-half of one transferrable Share purchase warrant ("Warrant"). Each whole Warrant shall entitle the holder thereof to acquire one Warrant Share of BTU at a price of $0.15 for a period of 18 months following the closing of the Offering. Finders fees will be payable.

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 well as for general and administrative purposes.

Closing of the offering is expected to be in the next 7 days subject to approval of the TSX Venture Exchange.

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.

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/673437/BTU-Increases-Hard-Dollar-Financing

FAQ

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

BTU Metals Corp has raised $274,500 from the increased private placement.

What are the terms of the warrants issued by BTU Metals Corp?

Each whole warrant allows the holder to acquire one share at $0.15 for 18 months.

When is the closing date for the BTU Metals Corp offering?

The closing is expected within the next 7 days, pending TSX Venture Exchange approval.

What will the proceeds from the offering be used for?

Proceeds will fund ongoing work at the Dixie Halo Project and general administrative purposes.