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  • Writer's pictureMr. Richard Penn


Mr. Richard Penn reports


Black Tusk Resources Inc. has arranged a non-brokered flow-through financing and strategic investment from a syndicate led by Palisades Goldcorp Ltd. The financing will also consist of a non-flow-through component.

The flow-through financing will consist of 12.5 million flow-through units, priced at eight cents each for gross proceeds of $1-million. Each flow-through unit will consist of one flow-through common share plus one warrant to purchase one non-flow-through common share at 10 cents for five years. Upon completion of the flow-through offering, it is expected that Palisades and syndicate will acquire all 12.5 million units.

The non-flow-through financing will consist of up to 7.15 million units priced at seven cents for gross proceeds of up to $500,500. Each non-flow-through unit will consist of one common share plus one warrant to purchase an additional common share at 10 cents for five years.

The company will pay finders' fees of 7 per cent based on the gross proceeds received by the company as well as 7 per cent compensation options based on the total units issued on the pricing and same terms. The proposed private placement and any finders' fees are subject to Canadian Securities Exchange approval. All shares issued pursuant to this offering and any shares issued pursuant to the exercise of warrants will be subject to a four-month hold period from the closing date.

"We are very pleased to have Palisades Goldcorp as a strategic investor in Black Tusk," said Richard Penn, president and chief executive officer. "Palisades Goldcorp's strategic investment is an excellent endorsement to the potential of our gold projects, specifically the McKenzie East flagship property in the prolific Abitibi greenstone belt. These funds will allow us to substantially increase the size of our planned drill program at McKenzie East. We look forward to unlocking the value potential of our gold projects for shareholders."

About Black Tusk Resources Inc.

Black Tusk Resources is a gold-focused Canadian exploration company with operations primarily based in the world-class Abitibi greenstone belt region of Quebec. Black Tusk currently holds 100-per-cent ownership in six separate gold and platinum/palladium properties in Canada.

We seek Safe Harbor.

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