BTU Closes Flow-Through Financing

VANCOUVER, BC /ACCESSWIRE/March 31, 2022/ BTU METALS CORP. (“BTU” or the “Company”) BTUsBTUMF announces the closing of its previously announced non-brokered private placement (see press release dated March 10, 2022) of 4,905,445 flow-through units (the “FT Units”) at a price of $0.09 per FT Unit (the “FT Offering ), for total gross proceeds of $441,490.05.

Each flow-through unit consists of one common share of the Company issued on a flow-through basis and one-half common share purchase warrant to be issued on a non-flow-through basis. Each whole warrant will entitle its holder to acquire one common share of BTU at a price of $0.15 for a period of 18 months following the closing of the offer. The Flow-Through Shares will qualify as Flow-Through Shares (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec).

Finder’s fees of $12,250 and 136,111 finder’s warrants were paid to arm’s length parties. The Finder Warrants entitle Finder to purchase one common share of the Company at a price of $0.15 for a period of 18 months from the closing date.

The shares and warrants comprising the units are subject to a 4-month holding period expiring on August 1, 2022.

The closing of the offer is subject to the final approval of the TSX Venture Exchange.

Proceeds from the offering will be used for ongoing work programs at the Dixie Halo project located in Red Lake, Ontario, contiguous to Great Bear Resources, as the company continues to drill on its high-grade gold targets at Dixie. Creek and its VMS targets. at TNT.

BTU Metals Corp. is a junior mining exploration company focused on its Dixie Halo project located in Red Lake, Ontario.

ON BEHALF OF COUNCIL

Paul Wood
Paul Wood, CEO, Director
[email protected]

FOR MORE INFORMATION, PLEASE CONTACT:
Andreas Curkovic, Investor Relations
+1 416-577-9927

BTU Metals Corp.
Phone: 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.

THE SOURCE: BTU Metals Corp.

See the source version on accesswire.com:

https://www.accesswire.com/695592/BTU-Closes-Flow-Through-Financing

Michael J. Birnbaum