BTU Metals Corp. Completes Oversubscribed Private Placement

BTU Metals Corp., based in Vancouver, has successfully closed an oversubscribed non-brokered private placement, raising $663,900. The financing involved 11,065,000 units priced at $0.06 each. Proceeds will support exploration in Ontario, particularly Red Lake and Wawa, and general working capital. Each unit includes one common share and a half share purchase warrant. Full warrants allow purchase of one share at $0.10 within 12 months.

BTU paid finder’s fees of $16,981.20 in cash and 283,020 non-transferable warrants. These finder warrants are exercisable at $0.075 per share for 12 months. A senior officer subscribed to 170,000 Units in a related-party transaction exempt from formal valuations.

Securities under the offering have a hold period of four months and one day. CEO Paul Wood expressed satisfaction with the oversubscription, highlighting the company’s strong position for exploration. Approval from the TSX Venture Exchange is pending. VP Exploration, Bruce Durham, verified the technical content.