VANCOUVER, BC / ACCESSWIRE / December 5, 2022 / Black Tusk Resources Inc. (CSE:TUSK) (OTC PINK:BTKRF) (Frankfurt:0NB) (the 'Company' or 'Black Tusk') is pleased to announce it has closed the first tranche of its previously announced private placements and has closed its previously announced debt settlement. See press release dated November 15, 2022. In addition, the Company is increasing the size of these offerings in response to increased demand.
The flow through funding will now consist of up to 12,500,000 flow-through units ('FT Units'), priced at $0.06 each for gross proceeds of up to $750,000. Each FT Unit consists of one flow-through common share plus one-half of one whole warrant to purchase one non flow-through common share at $0.10 for two years. The Company issued 6,055,667 FT Units in the closing of this first tranche leaving 7,733,200 FT Units available.
The non-flow-through funding will now consist of up to 15,000,000 units ('NFT Units') priced at $0.05 for gross proceeds of up to $750,000 CDN. Each NFT Unit consists of one common share plus one-half of one whole warrant to purchase an additional common share at $0.075 for two years. The Company issued 10,370,000 NFT Units in the closing of this first tranche leaving 4,630,000 NFT Units available.
In connection with these offerings, the Company has paid finder's fees of up to 10% cash, 5% compensation shares and 4% Warrants on the same terms as the private placements.
In addition, the Company has closed its previously announced debt settlement, settling $179,000 in exchange for 3,580,000 common shares. Officers of the Company a received 1,760,000 of these common shares in settlement of $88,000 in outstanding indebtedness.
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.
About Black Tusk Resources Inc.
Black Tusk Resources is a gold-focused Canadian exploration company with operations primarily based in the world-class Abitibi greenstone belt region of Quebec. Black Tusk currently holds 100-per-cent ownership in six separate gold and platinum/palladium properties in Canada.
For more information please contact:
Black Tusk Resources Inc.
Mr. Richard Penn
President and Chief Executive Officer
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words 'could', 'intend', 'expect', 'believe', 'will', 'projected', 'estimated' and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Black Tusk's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of Company to complete the financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Black Tusk. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.
The forward-looking information contained in this release is made as of the date hereof and Black Tusk is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.
The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the 'Securities Act'), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, within the United States, unless the securities have been registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.
SOURCE: Black Tusk Resources Inc.
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