BTU OVERSUBSCRIBES FINANCING, CLOSES SECOND AND FINAL TRANCHE
October 12, 2017, Vancouver, BC, Canada – BTU Metals Corp. (“BTU” or the “Company”) (BTU-TSX:V) announces that further to its news releases dated September 14, 2017 and October 2, 2017 it has completed the second and final tranche of a non-brokered private placement. The total raised in the oversubscribed financing for the two tranches was 6,381,000 units for total gross proceeds of $765,720.00.
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. The Company paid a cash commission to the finders on the two Tranches of the financing totalling $32,047.20 and issued 234,560 finder’s warrants exercisable for 18 months at $0.12.
The Shares and warrants issued pursuant to the second tranche of the private placement and any Shares issued on exercise of the warrants are subject to four-month resale restriction that expires on February 13, 2018.
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 later this 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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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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).Back to Past News