Electrum Discovery Corp. (TSXV: ELY | FRA: R8N | OTC: ELDCF) has closed the final tranche of its successful oversubscribed non-brokered private placement for C$0.07 per unit announced on 23 September 2024 and upsized on 2 October 2024. The company sold 21,987,570 units in the final tranche to raise gross proceeds of C$1,532,830.
In total, the company has issued 32,597,854 units for gross proceeds of C$2,281,850 with each unit consisting of one common share of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one additional common share of the company at an exercise price of C$0.15 for a period of three years from the date of issuance thereof.
Electrum’s announcement thanked all subscribers, large and small, new and old, who have participated in this private placement and welcomes them to join its journey to potential mineral discovery in Republic of Serbia.
Additionally, Electrum acknowledged the investment and backing of Crescat Capital and Syndicate Minerals Pty Ltd. The company appreciates the strong endorsement from these groups for Electrum’s exploration portfolio, the team, and exploration strategy.
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.
In connection with the private placement, the company intends to settle an aggregate of C$287,150 of indebtedness to several arm’s length creditors of the company through the issuance of 3,589,3756 common shares in the capital of the company at a deemed price of C$0.08 per common share. These debts relate to the cost of the Reverse Take Over and re-admission to the TSX Venture Exchange. Completion of the debt settlements is subject to the approval of the TSX Venture Exchange.
All securities issued in connection with the private placement, including shares issued in connection with the debt settlement are subject to a four month hold period expiring 2 February 2025 and 10 February 2025. The company has paid finder’s fees totalling approximately C$59,472 cash and 849,000 finder warrants at an exercise price of C$0.15 for a period of two years from the date of issuance, in accordance with the policies of the TSX Venture Exchange.
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 (January 2021)
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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