- Black Tusk Resources Inc. (TUSK) has announced two proposed private placements worth $1 million and a proposed debt settlement
- A flow-through (FT) funding will consist of up to 8.3 million FT units priced at $0.06 each for up to $500,000
- A non-FT offering will consist of up to 10 million units priced at $0.05 for another $500,000
- The company also proposed a debt settlement for $179,000 in exchange for 3.58 million common shares
- Black Tusk Resources Inc. (TUSK) is up 20 per cent and is trading at $0.06 per share as of 1:39 p.m. EST
Canadian exploration company, Black Tusk Resources (TUSK), has announced two proposed private placements and a proposed debt settlement.
The first transaction of flow-through (FT) funding will consist of up to 8.3 million FT units priced at $0.06 each for a total of up to $500,000.
Each FT unit will consist of one FT common share and half of one whole warrant to purchase one non-FT common share at $0.10 for two years.
The secondary non-FT offering will consist of up to 10 million units priced at $0.05 for another $500,000. Each non-FT unit will consist 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 will pay finder’s fees of 10 per cent cash, 5.00 per cent compensation shares and 4.00 per cent warrants on the same terms as the private placements.
Additionally, Black Tusk shared it has proposed a debt settlement for $179,000 in exchange for 3.58 million common shares. As such, officers of the company are expected to receive 1.76 million of these common shares to settle $88,000 in outstanding indebtedness.
Black Tusk Resources Inc. (TUSK) is up 20 per cent and is trading at $0.06 per share as of 1:39 p.m. EST.
