Etruscus Resources Corp Completes Final Financing Tranche Success
Etruscus Resources Corp Successfully Closes Final Financing Tranche
Etruscus Resources Corp (CSE: ETR) has recently finalized a significant financing round, marking a pivotal moment for the company as it embarks on promising exploration activities. This announcement comes on the heels of an amendment to a prior news release regarding their private placement.
Overview of the Financing Details
The latest financing tranche has successfully closed with an added $10,000 in non-flow-through subscriptions, bringing the total amount raised through the two-tranche financing to an impressive $1,214,250. This substantial sum was generated through the issuance of nearly 4.9 million non-flow-through units priced at $0.10 per unit, alongside more than 6 million flow-through units priced at $0.12 per unit.
How the Funds Will be Utilized
The funds gathered from this financing will be directed towards an exploratory drilling program situated at the Zappa copper-gold porphyry target located on the Rock & Roll property, a site notable for its productive mining history in a renowned mineral-rich region. Additionally, the non-flow-through funds will contribute to ongoing exploration efforts along with general working capital.
Understanding the Unit Structure
The financial structure of the units issued is quite strategic. Each non-flow-through unit consists of one common share coupled with one-half of a non-transferable share purchase warrant. Each whole warrant allows the holder to purchase an additional common share at a fixed price of $0.15 per share within a two-year timeframe. Conversely, a flow-through unit includes one flow-through common share and one-half of a warrant that can be exercised at $0.18 per share.
Compliance and Regulation
Importantly, shares issued as part of the final tranche will be subjected to a hold period of four months and one day from the issuance date. Furthermore, these flow-through shares are expected to meet the criteria outlined in the Income Tax Act for classification, ensuring that the funds raised are utilized for qualified Canadian exploration expenses.
Company Profile: Etruscus Resources Corp
Etruscus Resources Corp is primarily focused on exploring, acquiring, and developing precious metal mineral properties. Their flagship Rock & Roll Property encompasses 29,344 hectares and is ideally situated near the historical Snip mine, situated in a globally recognized mining area.
Trading under the symbols ETR on the Canadian Securities Exchange, ETRUF in the OTC market, and ERR on the Frankfurt Stock Exchange, Etruscus boasts a total of 64,309,527 common shares currently outstanding, which includes those from the recent financing.
Conclusion and Future Prospects
The completion of this financing tranche positions Etruscus Resources for an active and strategic year ahead. With a robust financial foundation and a clear roadmap for exploration, the company is well-poised for the forthcoming drilling season. Shareholders and potential investors will undoubtedly keep a keen eye on the developments as Etruscus moves forward in its mission to enhance shareholder value through diligent exploration and effective resource management.
Frequently Asked Questions
What is Etruscus Resources Corp?
Etruscus Resources Corp is a Vancouver-based exploration company focused on acquiring and developing mineral properties, particularly in precious metals.
How much capital did Etruscus raise in this financing round?
Etruscus raised a total of $1,214,250 across two tranches through the issuance of various units.
What will the funds from this financing be used for?
The funds will primarily be allocated towards a drilling program at the Zappa target and used for further exploration and working capital needs.
What types of units were issued in the financing?
Non-flow-through and flow-through units were issued, each with specific share and warrant structures aimed at enhancing investor return potential.
Where is the Rock & Roll Property located?
The Rock & Roll Property is situated in a prolific mining area recognized for its rich mineral deposits, near the historic Snip Mine in British Columbia.
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