BTU Metals Corp.: Closes First Tranche of Financing
![BTU Metals Corp.: Closes First Tranche of Financing](https://www.minenportal.de/media/goldseiten-news.jpg)
Each Unit is comprised of one common share (a "Share") and one half of one Share purchase warrant (a "Warrant") of the Company. Each full Warrant will entitle the holder to purchase one Share (a “Warrant Share”) at a price of $0.10 per Warrant Share for a 24 month period after the Closing Date. The warrants are subject to an acceleration clause, which states that the issuer will have the right to accelerate the expiry date of the warrants if, at any time, the average closing price of the shares is equal to or greater than 25 cents for 10 consecutive trading days. In the event of acceleration, the expiry date will be accelerated to a date that is 30 days after the issuer issues a news release, announcing that it has elected to exercise this acceleration right. Finders’ fees of $11,760.00 and 196,000 broker warrants were paid to arm’s length parties. The shares and warrants comprising the units are subject to a 4 month hold period expiring August 31, 2018.
The Company anticipates closing the second and final tranche of this financing within the coming weeks.
Proceeds raised will be used for general corporate purposes and for advancing the Company’s 16,640 hectare Galway Gold Project located in County Galway, Republic of Ireland.
For more details regarding the Galway project please refer to PR dated February 27, 2018 ("New gold and copper Assays Result In Targeting Two Additional Zones For Drilling on the County Galway, Ireland Project").
Michael England, President, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: BTU Metals Corp. (TSX Venture:BTU)