TRUIF - Ormonde Mining proposes C$3M investment in TRU Precious Metals

2023-07-05 02:32:20 ET

TRU Precious Metals ( TSXV: TRU:CA ) ( OTCQB:TRUIF ) enters agreement with Ormonde Mining for a non-brokered private placement of C$3M.

The company will issue a total of 60M units at a price of C$0.05 per unit, with each unit comprised of one common share and 0.5 of one share purchase warrant.

Each warrant would be exercisable to acquire one share at a price of C$0.075 for a period of 36 months.

Upon completion of the offering, and assuming no other share issuances by TRU, Ormonde would own ~36.19% of the company's shares, or 45.97% if Ormonde were to exercise all the warrants.

The proceeds will be used for the development of the company's Golden Rose Project, as well as for general corporate and working capital purposes.

The completion of the offering is subject to shareholder approval and delisting from both the LSE Alternative Investment Market and Euronext Growth, and subsequently to Ormonde completing such delisting.

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