BTU Metals Corp. (TSX-V:BTU, OTC:BTUMF) said it has closed its previously-announced, non-brokered private placement financing consisting of 3.05 million company units, at a price of $0.09 each, for total gross proceeds of $274,500.
The company noted that proceeds raised from the offering will be used for operations on the ground as well as general and administrative purposes as the company continues to drill high-grade gold targets on its Dixie Halo project located in Ontario’s Red Lake mining district, now at Heiwall and Rose Lakes, to be followed by Pakwash North and additional gold targets.
Each unit of the offering is comprised of one BTU Metals common share plus one-half of one transferable common share purchase warrant, entitling the holder to acquire one common share of BTU at a price of $0.15 for a period of 18 months following the closing of the offering.
READ: BTU Metals poised for at least 2,200 meters of drilling at its Dixie Halo project in Red Lake
Units issued in the offering are subject to a four-month hold period expiring on March 24, 2022.
The company added that finders' fees of $7,245.00 were paid to arm's length parties.
Closing of the offering is subject to final approval of the TSX Venture Exchange.
BTU Metals is a junior mining exploration company focused on its Dixie Halo project located in Red Lake, Ontario.
Contact Sean at sean@proactiveinvestors.com