BTU CLOSES FIRST TRANCHE OF FINANCING
October 2nd, 2017, Vancouver, British Columbia – BTU METALS CORP. (“BTU” or the “Company”) (BTU-TSX-V) is pleased to announce the Company has closed a first tranche of its previously announced non-brokered private placement (see PR dated September 14th, 2017) issuing 5,114,500 units (the “Units”) at a price of $0.12 per Unit for an aggregate proceeds of $613,740.
Each Unit is comprised of one common share (a “Share”) and one half of one Share purchase warrant (a “Warrant”) of the Company. Each full Warrant will entitle the holder to purchase one Share (a “Warrant Share”) at a price of $0.18 per Warrant Share for an 18 month period after the Closing Date. The warrants are subject to an acceleration clause, which states that the issuer will have the right to accelerate the expiry date of the warrants if, at any time, the average closing price of the shares is equal to or greater than 30 cents for 10 consecutive trading days. In the event of acceleration, the expiry date will be accelerated to a date that is 30 days after the issuer issues a news release, announcing that it has elected to exercise this acceleration right. Finders fees of $31,267.20 will be payable including 264,560 broker warrants.
Paul Wood, CEO of BTU Metals said “We are pleased with the support the market has shown us and welcome all the new shareholders who participated in this round of financing and look forward to closing on the second tranche shortly. This financing enables BTU to commence its Irish work program on schedule in October. The Company has also commenced its exploration program on our Shakespeare property and we look forward to updating the market on the results of these programs as they progress.”
The proceeds raised will be used for general corporate purposes and for advancing the Company’s 16,640 hectare Galway Gold Project located in County Galway, Republic of Ireland. The work program will include ground geophysics, geological sampling and mapping, trenching, and drill target generation to commence next month.
For more details regarding the Galway project please refer to PR dated July 27, 2017 (“BTU Confirms High-Grade Gold Samples on Irish Property”).
Michael England, President, Director
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