Electrum Discovery arranges $1.4-million financing

Executive Summary

• Electrum Discovery Corp. launched a non‑brokered private placement of up to 20 million units at C$0.07 per unit, targeting gross proceeds of approximately $1.4 million.
• Each unit consists of one common share and one warrant to purchase an additional share at C$0.15 for 24 months after closing.
• Net proceeds will be allocated to exploration and development of the Novo Tlamino (gold/silver) and Timok East (copper/gold) projects in Serbia, as well as working capital and general corporate purposes.

Key Details

• Offering Size: Up to 20 million units (≈ C$1.4 million gross proceeds).
• Unit Composition: 1 common share + 1 common share purchase warrant per unit.
• Warrant Terms: Right to acquire one additional common share at C$0.15 per share; exercisable for 24 months post‑closing.
• Price Per Unit: C$0.07 (≈ US$0.05).
• Use of Proceeds: Exploration and development of Serbian mineral projects, working capital, and general corporate purposes.
• Insider Participation: Certain insiders may participate; finders’ fees may be paid to registrants assisting with the placement.
• Regulatory Conditions: Closing subject to receipt of all required regulatory approvals, including TSX Venture Exchange approval.
• Closing Structure: Placement may close in one or more tranches; a subsequent news release will announce final closing details.
• Holding Period: Securities subject to a four‑month plus one‑day hold period under Canadian securities law.

Notable Quotes

(No executive quotes provided in the release.)