First Tellurium Corp FSTTF

Primary Symbol: C.FTEL

Metals & Mining Industrial Metals & Minerals

First Tellurium Corp is engaged in exploring and developing tellurium projects in British Columbia and Colorado. The Company has interests in exploration and evaluation assets in British Columbia, Canada and Colorado, USA and its principal business is the exploration of those assets. It has a 50% interest in the Deer Horn Property, located in British Columbia. It also has an option to acquire the Colorado Klondike Property, located in south-central Colorado, USA. It also has a 49% equity interest in Cheona Metals Inc., whose focus in on underexplored mineral lands in northern British Columbia. Additionally, the Company has a 49% equity interest in Cheona Health Inc., focuses on helping Indigenous and other communities in Canada achieve better health and well-being. It also owns 75% of PyroDelta Energy Corp., which is focused on bringing thermoelectric generators to the automotive and emergency/recreational markets while exploring other applications with potential purchasers and users.

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First Tellurium Corp

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Post by AveragePennyon Nov 17, 2022 11:20am

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Post# 35106902

First Tellurium Closes First Tranche of Private Placement

Vancouver, BC, Canada, Nov. 17, 2022 (GLOBE NEWSWIRE) -- First Tellurium Corp. (CSE: FTEL, OTC FSTTF) (the “Company” or “First Tellurium”) announces it has closed the first tranche (the "First Tranche") of a non-brokered private placement (the “Offering”) previously announced on October 16, 2022. The Company has issued 2,600,000 flow-through shares (the "Flow-through Shares") at a price of $0.14 per share for gross proceeds of $364,000 and 400,000 units (the "Units") at a price of $0.10 per unit for gross proceeds of $40,000. Each Unit consists of one common share and one common share purchase warrant exercisable at $0.15 for a period of two years following the close of the Offering.

The financing will help fund drilling and other exploration at First Tellurium’s Deer Horn Project in 2023.

Tyrone Docherty, President, CEO and a director of the Company (the “Insider”), participated in the Offering through the purchase by his private company, Docherty Capital Corp., of 1,800,000 Flow-Through Shares for gross proceeds of $252,000. Participation by the Insider in the Offering is considered a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insider's participation in the Offering in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the Offering by the Insider did not exceed 25% of the fair market value of the Company’s market capitalization The Company did not file a material change report at least 21 days prior to the closing of the Offering as participation of the Insider had not been confirmed at that time.

https://www.globenewswire.com/news-release/2022/11/17/2558075/0/en/First-Tellurium-Closes-First-Tranche-of-Private-Placement-Provides-Exploration-and-Regional-Development-Updates-for-Deer-Horn.html

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