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Vancouver, BC, Dec. 21, 2022 (GLOBE NEWSWIRE) --
First Tellurium Corp. (CSE: FTEL) (the “Company” or “First Tellurium”), announces that it has closed the second tranche (the “Second Tranche”) of a non-brokered private placement (the “Offering”) previously announced on October 16, 2021. Under the Second Tranche, the Company has issued 9,656,000 units (the “Units”) for gross proceeds of $965,600 and 150,000 flow-through common shares for gross proceeds of $21,000. Each Unit consists of one common share and one common share purchase warrant exercisable at a price of $0.15 for a period of two years.
A cash finder’s fee of $1,400 was paid and 319,900 common shares were issued to Canaccord Genuity Corp. in connection with the second tranche close of the Offering.
All securities issued under this Second Tranche closing are subject to a hold period expiring April 22, 2023, in accordance with applicable securities laws and the policies of the CSE.
Proceeds received in connection with the Offering will be utilized for exploration and other costs associated with First Tellurium’s Deer Horn property and the Colorado Klondike property, as well as for general working capital purposes.
About First Tellurium Corp.
First Tellurium’s unique business model is to generate revenue and value through mineral discovery, project development, project generation and cooperative access to untapped mineral regions in Indigenous territory with sustainable exploration.
Our polymetallic (tellurium, gold, silver copper, tungsten) Deer Horn Project in British Columbia and Klondike tellurium-gold property in Colorado anchor a diversified search for metals, working in alliance with Indigenous peoples, NGOs, governments and leading metals buyers. This is the future of mineral exploration: generating revenue by exploring responsibly and leveraging diverse partnerships.
First Tellurium proudly adheres to and supports the principles and rights set out in the United Nations Declaration on the Rights of Indigenous Peoples and in particular the fundamental proposition of free, prior and informed consent.
On behalf of the board of directors of
First Tellurium Corp.
“Tyrone Docherty”
Tyrone Docherty
President and CEO |
For further information please contact:
Tyrone Docherty
604.789.5653
tyrone@firsttellurium.com
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Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated event.
