Electrum Discovery Corp. (TSXV: ELY | FRA: R8N | OTC: ELDCF) has announced a non-brokered private placement to raise aggregate gross proceeds of up to approximately C$1.5M.
Each Unit will comprise one common share of the company and one common share purchase warrant. Each Warrant will entitle the holder thereof to acquire one common share at a price of C$0.15 for a period of 36 months following the completion of the private placement.
The proceeds of the private placement will be used by the company for the continued exploration of its Timok East copper-gold project including a maiden drill programme and for working capital purposes.
Certain insiders of the company may participate in the private placement, and the company may pay a finder’s fee to third party finders who introduce investors to the company. Completion of the private placement is subject to the receipt of all necessary regulatory approvals, including the approval of TSX Venture Exchange.
The Private Placement may be closed in one or more tranches. It is anticipated that closing of a first tranche of C$500,000 will occur promptly upon receipt of conditional approval from the TSXV, which is expected shortly. A further news release will be issued on closing of the Private Placement.
All of the securities issued in connection with the Private Placement will be subject to a hold period expiring four months and one day after the date of issuance thereof.
About Electrum Discovery Corp.
Electrum Discovery Corp. is an emerging mineral exploration and development company focused on the prolific Western Tethyan Belt with two main projects spanning 645km2 of prospective exploration ground in the Republic of Serbia.
- Timok East extends over 123km2 across the Timok copper-gold region and includes the recently discovered Bambino copper-gold anomaly, located less than 5km from the Bor Copper-Gold Mining Complex
- Novo Tlamino, located in the south-east of the Republic of Serbia, covers 522km2 and includes an inferred mineral resource estimate of 670,000oz AuEq (7,100,000t at 2.9g/t AuEq average grade), PEA (7 January 2021)1
Electrum’s management team is focused on maximizing shareholder value through the acquisition and advancement of a large portfolio of copper-gold assets, while fostering sustainability, governance, and knowledge transfer in the region.
To read more about this, please visit www.electrumdiscovery.com
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