Etruscus Increases Private Placement to $2.7 Million
Etruscus Resources Corp. (CSE: ETR, OTC: ETRUF, FSE: ERR) has announced an increase in its non-brokered private placement to $2,700,000 due to significant market demand. The placement includes Flow-through Units priced at $0.35 and Non Flow-through Units at $0.30. A tranche closed on June 9, 2021, raising $1,000,025. Funds will support exploration of the Rock & Roll and Sugar Properties. The flow-through shares will qualify under Canadian tax regulations. The offering will close by June 30, 2021, and all issued shares will have a hold period.
- Increased private placement to $2,700,000 due to strong market demand.
- Successful closing of a tranche raising $1,000,025.
- Funds allocated for exploration of Rock & Roll and Sugar properties.
- None.
VANCOUVER, BC, June 25, 2021 /PRNewswire/ - Etruscus Resources Corp. (CSE: ETR) (OTC: ETRUF) (FSE: ERR) (the "Company" or "Etruscus"), a Vancouver-based exploration company, is pleased to announce that due to significant market demand for its previously announced non-brokered private placement (the "Private Placement"), the Company has increased the size of the Private Placement to up to
As described in the Company's news release dated April 26, 2021, the flow-through funds will be used for continued exploration of the Company's Rock & Roll and Sugar Properties. Non-flow-through funds will be used for both exploration and general working capital.
Each non-flow-through unit consists of one common share and one-half (½) of a share purchase warrant with each whole warrant exercisable into one additional common share at a price of
Each flow-through unit consists of one flow-through common share and one-half (½) of one non-flow-through share purchase warrant with each whole warrant exercisable into one additional common share at a price of
All shares issued under the private placement will be subject to a hold period of four months and one day from the date of issuance. Finders' fees may be paid in accordance with securities regulations.
The flow-through shares will qualify as "flow-through shares" for the purposes of the Income Tax Act (Canada) (the "Act"). The Proceeds of the flow-through private placement will be used to incur "Canadian exploration expense" (within the meaning of the Act). The Company will renounce these expenses to the purchasers with an effective date of no later than December 31, 2021, and as required under the Act.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Etruscus
Etruscus Resources Corp. is a Vancouver-based exploration company focused on the development of its
Etruscus is traded under the symbol "ETR" on the Canadian Securities Exchange, "ETRUF" on the OTC and "ERR" on the Frankfurt Stock Exchange and has 31,601,284 common shares issued and outstanding.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This Press Release may contain statements which constitute 'forward-looking' statements, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including quarterly and annual Management's Discussion and Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
View original content to download multimedia:http://www.prnewswire.com/news-releases/etruscus-increases-private-placement-to-2-7-million-301319947.html
SOURCE Etruscus Resources Corp.
FAQ
What is the significance of Etruscus Resources Corp.'s increased private placement?
When is the expected closing date for the Etruscus Resources Corp. private placement?
How much did Etruscus Resources Corp. raise in the recent tranche of the private placement?
What will the funds from the private placement be used for?
What are the prices for Etruscus Resources Corp.'s Flow-through and Non Flow-through Units?
