BTU CAPITAL CORP. COMPLETES QUALIFYING TRANSACTION
June 16, 2017, Vancouver, BC, Canada – BTU CAPITAL CORP. ("BTU" or the "Company") (BTU.H-NEX) is pleased to report that it has completed its qualifying transaction.
As announced in its February 21, 2017 news release, BTU has entered into an option agreement (the "Option Agreement") with arms-length optionors whereby BTU has been granted an option to acquire an undivided 100% interest in the "Shakespeare Property" located approximately three kilometers northeast of Webbwood, Ontario. Additional information regarding the Shakespeare Property may be found in the Filing Statement, as well as in the independent NI 43-101 technical report prepared on behalf of the Company by Elizabeth Ronacher, PhD, P.Geo., and Jenna McKenzie, P.Geo. of Ronacher McKenzie Geoscience. Pursuant to the Option Agreement, 900,000 common shares have been issued to the optionors.
Additionally, BTU announces that it has completed its previously announced private placement offering of Units and flow through common shares. Under the private placement, BTU issued a total of 12 million Units (at a price of $0.05 per Unit) and 1.8 million flow through shares (at a price of $0.10 per share), for aggregate gross proceeds of $780,000. Directors of BTU subscribed for a total of 1.9 million Units under the private placement. Finder's fee in the amount of $21,500 were paid to arm's length agents.
Proceeds from the private placement will be used as described in BTU's news release on May 31, 2017, including for the funding of exploration programs on the Shakespeare Property, to repay arm's length debt, for general and administrative expenses, and to provide working capital.
ON BEHALF OF THE BOARD
Michael England, President, CEO, Director
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