BTU Metals Corp announced a non-brokered private placement financing to raise gross proceeds of C$495,000 by issuing 5.5 million flow-through units at a price of $0.09 per unit.
The company said proceeds from the offering will be used for ongoing work programs at its Dixie Halo project in Red Lake, Ontario, contiguous to Kinross Gold Corp's Dixie project.
Each flow-through unit will consist of one BTU Metals common share plus one-half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one company common share at a price of $0.15 for a period of 18 months following the closing of the offering.
READ: BTU Metals begins drilling on gold and copper targets at Pakwash North of Dixie Halo project in Ontario
BTU noted that it continues to drill on its Dixie Halo property and currently is awaiting assays of 14 drill holes being processed at the lab.
It added that finders' fees will be payable on the private placement, subject to the policies of the TSX Venture Exchange.
All securities issued under the offering will be subject to a statutory hold period expiring four months and one day from the date of issuance.
BTU Metals is a junior mining exploration company focused on its Dixie Halo project located in Red Lake, Ontario.
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