Etruscus Reveals New Field Plans & Announces $1 Million Private Placement Financing
July 8, 2020
Vancouver, BC: Etruscus Resources Corp. (CSE: ETR) (FSE: ERR) (the “Company” or “Etruscus”) announces amended plans for its Phase 1 field exploration which now includes a seventh priority area added to its original list of key targets on the Company’s 27,136 hectare Rock & Roll and Sugar Properties, located in the heart of the Eskay Camp in Northwest British Columbia’s Golden Triangle.
- Hoodoo East, along trend from neighbouring Enduro Metal’s significant drill intercept and recently identified gold targets (announced July 6, 2020), has just been upgraded in priority for immediate exploration. An extensive work program will be executed in this underexplored area for potential future drilling;
- Mineralization highlighted by Enduro’s news demonstrates the skarn potential in the area, and multiple, prospective skarn showings found in 2019 at Rock & Roll suggests high-grade gold-silver resource potential; and
- A drilling program is expected to follow several weeks of field sampling, prospecting and mapping of all 7 potential drill targets and 7 areas of priority.
The Company also announces, subject to Canadian Securities Exchange (“CSE”) approval, a proposed non-brokered private placement of up to $1,000,000. Proceeds of the financing, consisting of up to 1.3 million flow-through units at a price of $.50 per unit for proceeds of up to $650,000 and 1 million non-flow-through units at a price of $0.35 per unit for proceeds of up to $350,000, will be used for both exploration and general working capital.
Each flow-through unit will consist of one flow-through common share and one-half (½) of one non-flow-through share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of $0.65 per share for a 2-year period.
Each non-flow-through unit will consist of one common share and one-half (½) of one share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of $0.50 per share for a 2-year period.
The flow-through shares will qualify as “flow-through shares” for the purposes of the Income Tax Act (Canada) (the “Act”). The Proceeds of the flow-through private placement will be used to incur “Canadian exploration expense” (within the meaning of the Act). The Company will renounce these expenses to the purchasers with an effective date of no later than December 31, 2020, and as required under the Act.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Etruscus Resources Corp. is a Vancouver-based exploration company focused on the development of its 100%-owned Rock & Roll and Sugar properties comprising 27,136 hectares near the past producing Snip mine in Northwest B.C.’s prolific Golden Triangle.
Etruscus is traded under the symbol “ETR” on the Canadian Securities Exchange and “ERR” on the Frankfurt Stock Exchange and has 22,453,501 common shares issued and outstanding.
On behalf of the Board of Directors:
/s/ “Gordon Lam”
Chief Executive Officer, President and Director
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