Tru Precious Metals Closes $3.5 Million Subscription Receipt Offering
Tru Precious Metals (TSXV: TRU) has completed its previously announced non-brokered private placement. The financing saw a total of $3.5 million raised, with the lead order coming from Palisades Gold Corp.
The financing saw subscription receipts sold at a price of $0.22 each, with a total of 15.9 million receipts issued. Each receipt is to convert to a unit upon the completion of a change of business by the company, with each unit containing one common share and one common share purchase warrant. Each warrant is valid for a period of 3 years with an exercise price of $0.35 per share.
Proceeds from the financing will be used to fund an exploration program for the Golden Rose project, which the company is in the process of acquiring. Funds will also be used for a phase one drill program at the firms Twilite Gold project, marketing, general corporate purposes, and working capital.
Tru Precious Metals last traded at $0.29 on the TSX Venture.
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