BTU Metals Corp said it has increased its previously announced non-brokered private placement to 3.05 million units at a price of $0.09 per unit for aggregate gross proceeds of $274,500.
Previously the private placing was for 1.9 million units also to be issued at C$0.09 each for total gross proceeds of C$171,000.
The company said 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 (TSX-V:GBR) as well as for general and administrative purposes.
READ: BTU Metals announces C$171,000 placing to advance its Red Lake gold project
Each unit will be comprised of one BTU common share and one-half of one transferrable share purchase warrant. Each whole warrant will entitle the holder 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. Closing of the offering is expected to be in the next seven 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 is a junior mining exploration company focused on its Dixie Halo project located in Red Lake, Ontario.