- Cortus Metals (CRTS) has closed a private placement and arranged debt settlements in connection with its acquisition of Intermont Resources LLC
- Gross proceeds from the private placement totalled $1,275,099.90
- Cortus has entered into debt settlement agreements with two arms-length creditors to settle an aggregate of $288,700.15 in debt
- Cortus Metals Inc is a mineral exploration company with projects in Nevada
- Cortus Metals Inc. (CRTS) opened trading at C$0.175 per share
Cortus Metals (CRTS) has closed a private placement and arranged debt settlements in connection with its acquisition of Intermont Resources LLC.
Cortus CEO, Sean Mager, commented,
“Our team has spent 8 months evaluating, prioritizing, and securing this portfolio of well over 2,200 claims across 20(+) projects covering more than 46,000 acres, with the intent to develop drill targets and execute drill programs of 2,000 to 4,000 metres at each one.
Completing the acquisition of Intermont will enable us to accelerate this process with partnership arrangements. Cortus, its partners, and investors are well-positioned to make multiple discoveries and advance them to production in the prevailing metals market.”
The private placement raised gross proceeds of $1,275,099.90 through the sale of 8,500,666 units at a price of $0.15 per unit.
Each unit comprised one common share and one half of one share purchase warrant. Each whole warrant entitles the holder to acquire an additional common share at a price of $0.25 per share until June 14, 2023. The warrants are subject to an accelerated expiry provision.
Finder’s fees of $49,458.48 in cash and 309,723 in finder’s warrants were paid to registered dealers in connection with the financing. Securities issued have a four month hold period expiring on October 15, 2021.
Sean Mager, a director and the CEO of the company subscribed for 500,000 units.
The proceeds of the financing will be utilized for exploration expenditures on the company’s mineral properties, including those properties to be acquired following its acquisition of Intermont Resources LLC, the repayment of $98,160 in the short-term debt of Intermont and general working capital.
The acquisition of Intermont Resources is expected to be completed in the next five days.
Cortus has entered into debt settlement agreements with two arms-length creditors to settle an aggregate of $288,700.15 in debt, following the completion of the Intermont Acquisition. The debt comprises $100,000 in services provided to the company and the settlement of $188,700.15 in short-term debts of Intermont.
In the settlement and satisfaction of the debt, Cortus has agreed to issue an aggregate of 1,928,668 units to the creditors at a price of $0.15 per unit. The issuance of the units is conditional upon the completion of the Intermont acquisition.
All units issued in connection with the debt settlement are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
Cortus Metals Inc. (CRTS) opened trading at C$0.175 per share.