ETRUF - Etruscus Closes Oversubscribed Private Placement
(TheNewswire)
Vancouver, BC – TheNewswire - January 5, 2021 - Etruscus Resources Corp. (CSE:ETR) (CNSX:ETR.CN) (FSE:ERR) (the“Company” or “Etruscus”), a Vancouver-based junior explorationcompany, announces that, subject to Canadian Securities Exchange(“CSE”) approval, the Company has closed the second and finaltranche of its non-brokered private placement announced on December 8,2020, raising $62,500 for a total of $530,200.
In this second tranche, the Company issued a total of250,000 non-flow-through units at $0.25 per unit for proceeds of$62,500. For the entire private placement, the non-flow-through fundswere oversubscribed by 260,000 units and will be used for bothexploration and general working capital while the flow-through fundswill be used for continued exploration of the Company’s Rock &Roll Property.
Each non-flow-through unit consists of one common shareand one-half (½) of one share purchase warrant at a price of $0.25per unit. Each whole Warrant will entitle the holder to purchase oneadditional common share at a price of $0.40 per share for a 2-yearperiod.
Each flow-through unit consists of one flow-throughcommon share and one-half (½) of one non-flow-through share purchasewarrant at a price of $0.32 per unit. Each whole Warrant will entitlethe holder to purchase one additional common share at a price of $0.50per share for a 2-year period.
All securities issued under tranche 2 are subject to afour month hold period which will expire on May 1, 2021 . Finders’ fees were paid in accordance with securitiesregulations. The Company paid $2,000 and issued 8,000 finder’swarrants to an arms-length party in connection with tranche 2, aspermitted by securities law.
Gordon Lam, CEO commented, “We are very pleased toreceive further support from funds and institutions who believe in ourvision of the Rock & Roll and Sugar projects. As we await 2020exploration and drilling results still being processed at the assaylabs, we look forward to an exciting 2021 where we plan to acceleratedevelopment at our properties.”
The flow-through shares will qualify as “flow-throughshares” for the purposes of the Income Tax Act (Canada) (the“Act”). The Proceeds of the flow-through private placement will beused to incur “Canadian exploration expense” (within the meaningof the Act). The Company will renounce these expenses to thepurchasers with an effective date of no later than December 31, 2020,and as required under the Act.
About Etruscus
Etruscus Resources Corp. is a Vancouver-basedexploration company focused on the development of its 100%-owned Rock& Roll and Sugar properties comprising 27,880 hectares near thepast producing Snip mine in Northwest B.C.’s prolific GoldenTriangle.
Etruscus is traded under the symbol “ETR” on theCanadian Securities Exchange and “ERR” on the Frankfurt StockExchange and has 28,514,306 common shares issued andoutstanding.
CAUTION REGARDING FORWARD-LOOKINGSTATEMENTS
Certain informationset forth in this news release may contain forward-looking statementsthat involve substantial known and unknown risks and uncertainties.All statements other than statements of historical fact areforward-looking statements, including, without limitation, statementsregarding future financial position, business strategy, use ofproceeds, corporate vision, proposed acquisitions, partnerships,joint-ventures and strategic alliances and co-operations, budgets,cost and plans and objectives of or involving the Company. Suchforward-looking information reflects management’s current beliefsand is based on information currently available to management. Often,but not always, forward-looking statements can be identified by theuse of words such as “plans”, “expects”, “is expected”,“budget”, “scheduled”, “estimates”, “forecasts”,“predicts”, “intends”, “targets”, “aims”,“anticipates” or “believes” or variations (including negativevariations) of such words and phrases or may be identified bystatements to the effect that certain actions “may”, “could”,“should”, “would”, “might” or “will” be taken, occuror be achieved. A number of known and unknown risks, uncertainties andother factors may cause the actual results or performance tomaterially differ from any future results or performance expressed orimplied by the forward-looking information. These forward-lookingstatements are subject to numerous risks and uncertainties, certain ofwhich are beyond the control of the Company including, but not limitedto, the impact of general economic conditions, industry conditions anddependence upon regulatory approvals. Certain material assumptionsregarding such forward-looking statements may be discussed in thisnews release and the Company’s annual and quarterly management’sdiscussion and analysis filed at www.sedar.com. Readers are cautionedthat the assumptions used in the preparation of such information,although considered reasonable at the time of preparation, may proveto be imprecise and, as such, undue reliance should not be placed onforward-looking statements. The Company does not assume any obligationto update or revise its forward-looking statements, whether as aresult of new information, future events, or otherwise, except asrequired by securities laws.
No securitiesregulatory authority has either approved or disapproved of thecontents of this news release. The Shares have not been, nor will theybe, registered under the United States Securities Act of 1933, asamended, or any state securities laws, and may not be offered or soldin the United States, or to or for the account or benefit of anyperson in the United States, absent registration or an applicableexemption from the registration requirements. This press release shallnot constitute an offer to sell or the solicitation of an offer to buyany common shares in the United States, or in any other jurisdictionin which such offer, solicitation or sale would be unlawful. We seeksafe harbour.
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