Vancouver, BC – June 13, 2023 – Etruscus Resources Corp. (CSE: ETR) (OTC: ETRUF) (FSE:ERR) (the “Company” or “Etruscus”) is pleased to announce the closing of its previously announced non-brokered private placement (the “Financing”, see News Releases March 29, 2023 and April 19, 2023), subject to final CSE Exchange approval. The final tranche was $337,199 consisting of 666,660 non-flow-through units at $0.15 per unit for gross proceeds of $99,999 and 1,317,779 flow-through units at $0.18 per unit for gross proceeds of $237,200. The combined tranches totalled $879,344, composed of 3,230,960 non-flow-through units for gross proceeds of $484,644 and 2,192,779 flow-through units for gross proceeds of $394,700. The proceeds from the flow-through units will be used for exploration, primarily at the Lewis Project in Newfoundland. Proceeds from the non-flow-through units will be used for working capital and exploration.
In connection with the Financing, insiders of the Company participated in the placement for a total of $115,000.
Each non-flow-through unit consists of one common share and one-half (1/2) of a non-transferable share purchase warrant with each whole warrant exercisable into one additional common share at a price of $0.22 per share for a two-year period.
Each flow-through unit consists of one flow-through common share and one-half (1/2) of one non-flow-through, non-transferable share purchase warrant with each whole warrant exercisable into one additional common share at a price of $0.27 per share for a two-year period.
All issued shares are subject to a hold period of four months and one day from the date of issuance. Under the Financing, total finders’ fees paid to qualified arm’s length finders were $22,610, and 133,777 finders warrants were issued, each exercisable into a common share at $0.165 per share for a two-year period.
The flow-through shares will qualify as “flow-through shares” for the purposes of the Income Tax Act (Canada) (the “Act”). The proceeds of the flow-through private placement will be used to incur “Canadian exploration expense” (within the meaning of the Act). The Company will renounce these expenses to the purchasers with an effective date of no later than December 31, 2023, and as required under the Act.
About Etruscus
Etruscus Resources Corp. is a Vancouver-based exploration company focused on the acquisition and development of precious metal mineral properties. The Company’s assets include the Lewis Property in central Newfoundland, which is under option to acquire a 100% interest, and the 100%-owned Rock & Roll and Sugar properties comprising 28,270 hectares near the past producing Snip mine in Northwest B.C.’s prolific Golden Triangle. Etruscus has exploration properties in two of Canada’s most active gold camps.
Etruscus is traded under the symbol “ETR” on the Canadian Securities Exchange, “ETRUF” on the OTC and “ERR” on the Frankfurt Stock Exchange. Etruscus has 43,435,361 common shares issued and outstanding after giving effect to the closing of the Financing.
| Company Contact Fiore Aliperti, President & CEO E: info@etruscusresources.com T: 604-336-9088 W: www.etruscusresources.com |
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This Press Release may contain statements which constitute ‘forward-looking’ statements, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including quarterly and annual Management’s Discussion and Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Neither the CSE Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.