BTU Metals closes $663,900 private placement

Executive Summary

• BTU Metals Corp. closed an oversubscribed non‑brokered private placement, raising $663,900 in gross proceeds.
• The offering consisted of 11,065,000 units at $0.06 per unit, each unit containing one common share and half a warrant to purchase another share at $0.10 for 12 months.
• Proceeds will fund exploration programs on the Red Lake and Wawa project portfolio and provide general working capital.

Key Details

• Units sold: 11,065,000 units @ $0.06 per unit → $663,900 gross proceeds.
• Unit composition: 1 common share + ½ common share purchase warrant (full warrant = right to buy 1 share at $0.10 for 12 months).
• Use of proceeds: Advance exploration across Ontario assets (Red Lake, Wawa) and general working capital.
• Finder compensation: $16,981.20 cash + 283,020 non‑transferable warrants (exercise price $0.075, 12‑month term).
• Related party subscription: Senior officer subscribed for 170,000 units; transaction qualifies for MI 61‑101 exemptions (valuation < $2.5 M).
• Statutory hold period: Securities subject to a hold of four months and one day from issuance.
• Closing conditions: Subject to TSX‑V approval.

Notable Quotes

“We are pleased to close this oversubscribed financing and welcome new shareholders to BTU. With this funding, alongside our recent flow‑through financing, we are well positioned to advance exploration across our Red Lake and Wawa projects…” – Paul Wood, CEO, BTU Metals Corp.