E-Tech Resources closes $950,000 private placement

Executive Summary

• E‑Tech Resources closed a $950,000 private placement of 19 million common shares at C$0.05 per share, netting proceeds for exploration at the Eureka project and general corporate purposes.
• At the annual and special shareholders’ meeting, Christopher Drysdale, Frances Wall and Carl Sheppard were elected to the board; three long‑standing directors retired.
• The company issued 3.85 million stock options (exercisable at C$0.10) to officers, directors and consultants, with a staggered vesting schedule.

Key Details

• Financing: Private placement of 19 M common shares @ C$0.05 each; gross proceeds $950,000.
• Agent Fees: Numus Capital Corp. received a cash fee of $65,800 and 1,316,000 broker warrants (7% of proceeds from its investors). Each warrant allows purchase at C$0.05 for 24 months.
• Use of Proceeds: Advance exploration at the Eureka rare‑earth project in Namibia; working capital; general corporate purposes.
• Related Party Subscriptions: Insider Wade Dawe subscribed for 4 M shares, increasing his ownership from 15.4% to 16.2%; a company officer subscribed for 200,000 shares.
• Hold Period: All securities issued are subject to a four‑month‑plus‑one‑day hold period from closing.
• Director Election: Christopher Drysdale, Frances Wall and Carl Sheppard elected; Jim Megann, John Philipott and Ken Marshall retired.
• Stock Option Grant: 3.85 M options granted under the company’s stock option plan; 1.6 M to directors/officers, remainder to consultants and other eligible parties.
• Option Terms: Exercise price C$0.10 per share; vesting – 50% on the 12‑month anniversary, 25% on the 18‑month, and 25% on the 24‑month anniversary; expiration five years from grant date.

Notable Quotes

(No direct quotes were provided in the release.)