NEWS Black Tusk Announces Financing and Strategic Investment from a Syndicate Led by Palisades Goldcorp
21 minutes ago
VANCOUVER, BC / ACCESSWIRE / September 2, 2020 / Black Tusk Resources Inc. (CSE:TUSK)(OTC PINK:BTKRF)(Frankfurt:ONB) (the "Company" or "Black Tusk") is pleased to announce a non-brokered flow through financing and strategic investment from a syndicate led by Palisades Goldcorp Ltd. ("Palisades"). The financing will also consist of a non flow-through component.
The flow through funding will consist of 12,500,000 flow through units ("FT Units"), priced at $0.08 each for gross proceeds of $1,000,000. Each FT Unit will consist of one flow-through common share plus one warrant to purchase one non flow-through common share at $0.10 for five (5) years. Upon completion of the flow through offering, it is expected that Palisades and syndicate will acquire all 12,500,000 units.
The non-flow-through funding will consist of up to 7,150,000 units ("NFT Units") priced at $0.07 for gross proceeds of up to $500,500 CDN. Each NFT Unit will consist of one common share plus one warrant to purchase an additional common share at $0.10 for five years.
The Company will pay finder's fees of seven percent based on the gross proceeds received by the Company as well as seven percent compensation options based on the total units issued on the pricing and same terms. The proposed private placement and any finder's fees are subject to CSE approval. All shares issued pursuant to this offering and any shares issued pursuant to the exercise of warrants will be subject to a four-month hold period from the closing date.
"We are very pleased to have Palisades Goldcorp as a strategic investor in Black Tusk" said Richard Penn, President and Chief Executive Officer. "Palisades Goldcorp's strategic investment is an excellent endorsement to the potential of our gold projects specifically the McKenzie East flagship property in the prolific Abitibi Greenstone Belt. These funds will allow us to substantially increase the size of our planned drill program at McKenzie East. We look forward to unlocking the value potential of our gold projects for shareholders."