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  • Writer's pictureMr. Richard Penn

BLACK TUSK CLOSES $502,050 FIRST TRANCHE OF PLACEMENT

Mr. Richard Penn reports

BLACK TUSK RESOURCES INC. CLOSES TRANCHE 1 OF PRIVATE PLACEMENT


Black Tusk Resources Inc. has closed the first tranche of its previously announced private placement (see press release dated Feb. 21, 2019), issuing a total of 3,346,999 units (as defined herein) at a price of 15 cents per unit for total proceeds of $502,050. The company also issued 5,333 brokers warrants in connection with the closing of the tranche.


Each unit consists of one common share and one-half of one share purchase warrant. Each warrant will entitle the holder to purchase an additional share at a price of 25 cents per share for a two-year term. The company will have the right to accelerate the expiry date of the warrant term provided that the company's closing price on the Canadian Securities Exchange is at or above 37.5 cents for a period of 10 consecutive trading days. In the event of acceleration, the expiry date of the warrant term will be accelerated to a date that is 30 days after the company issues a news release announcing that it has elected to exercise this acceleration right.

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