- TRU Precious Metals (TRU) intends to complete a non-brokered private placement for gross proceeds between $250,000 to $500,000
- TRU expects to use the gross proceeds for approximately 1,000 metres of test drilling at the Mark’s Pond target area, at its Golden Rose Project in central Newfoundland
- The company will also use a portion of the proceeds for corporate and public company purposes
- TRU is on a mission to build long-term shareholder value, through prudent natural resource property development and transactions
- TRU Precious Metals Corp. (TRU) opened trading at C$0.055 per share
TRU Precious Metals (TRU) intends to complete a non-brokered private placement for gross proceeds between $250,000 to $500,000.
The company plans to issue units at $0.05 per unit. Each unit will consist of one common share and one share purchase warrant. The warrant will be exercisable for one additional share at $0.075 for 36 months from the issue date.
Financing plans
TRU expects to use the gross proceeds for approximately 1,000 metres of test drilling at the Mark’s Pond target area, at its Golden Rose Project in central Newfoundland.
The company completed a 275 m long trench in October 2022. It returned significant high-grade gold channel sampling results from the newly discovered Northcott Gold Zone, including:
- 57.6 grams per ton of gold (g/t Au) over 2.5 m including 141 g/t Au over 1.0 m;
- 34.0 g/t Au over 2.0 m including 65.4 g/t Au over 1.0 m; and
- 23.5 g/t Au over 2.0 m including 90 g/t Au over 0.5 m.
TRU expects to carry out this drill program later this summer, following completion of preparatory fieldwork already underway. The company will also use a portion of the proceeds for corporate and public company purposes.
The offering is anticipated to close by May 11, 2023. In connection with the offering, eligible finders will receive a 8 per cent cash commission and 8 per cent non-transferrable finder warrants. Each finder warrant will entitle the holder to purchase one share at $0.075 for 36 months following the closing date.
All securities issued under the offering will be subject to a four-month statutory hold period. Completion of the offering remains subject to TSX Venture Exchange approval.
About TRU Precious Metals
TRU is on a mission to build long-term shareholder value, through prudent natural resource property development and transactions. It is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt on its 100 per cent-owned Golden Rose Project.
TRU Precious Metals Corp. (TRU) opened trading at C$0.055 per share.