- Cortus Metal (CRTS) intends to issue 15 million units at $0.10 each for gross proceeds of up to $1.5 million
- In addition to the new private placement, Cortus has decided to amend its current outstanding warrants
- The company has provided a two-year extension on existing warrants and reduced the exercise price to $0.15 per share
- Cortus Metals is a new Canadian mineral exploration company
- Shares in Cortus Metals Inc. (CRTS) are steady, trading at $0.11 per share
Cortus Metal (CRTS) intends to issue 15 million units at $0.10 each for gross proceeds of up to $1.5 million in a private placement.
Each unit will be comprised of one common share and half of one share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share at $0.15 per share for a period of 24 months.
In addition to the new private placement, Cortus has decided to amend its current outstanding warrants, which were originally issued in connection with private placements completed on August 26, 2020, June 14, 2021, and August 31, 2021, and a debt settlement completed June 22, 2021.
The company has amended the expiry date of the 24,271,004 outstanding warrants, providing a two-year extension to expire two years from the date of the amendment’s approval by the TSX Venture Exchange.
Cortus has also reduced the exercise price of the historical warrants to $0.15 per share.
Both the current and historical warrants will be subject to an accelerated expiry provision such that if the closing price of the company’s common shares is equal to or greater than $0.20 for a period of five consecutive trading days, the company may reduce the remaining exercise period applicable to the warrants to not less than 30 days from the date of such notice.
Cortus has engaged Red Cloud Securities for market stabilization and liquidity services for its common shares listed on the TSXV.
Cortus Metals is a new Canadian mineral exploration company with a portfolio of highly prospective early-stage gold and silver projects in Nevada.
Shares in Cortus Metals Inc. (CRTS) are steady, trading at $0.11 per share as of 12:51 pm EST.
