Etruscus Prepares FOR Drilling, Closes First Tranche of Private Placement with Lead Order from Palisades Goldcorp
NEWS RELEASE Symbol: CSE: ETR, FSE: ERR
August 17, 2020 For Immediate Dissemination
ETRUSCUS PREPARES FOR DRILLING,
CLOSES FIRST TRANCHE OF PRIVATE
PLACEMENT WITH LEAD ORDER FROM
PALISADES GOLDCORP
Vancouver, BC: Etruscus Resources Corp. (CSE: ETR) (FSE: ERR) (the “Company” or
“Etruscus”) is pleased to announce that, further to its press releases from July 8, 2020, July 27,
2020 and August 5, 2020, the Company has closed $1,219,900 of its $1,525,000 non-brokered
private placement led by Palisades Goldcorp Ltd.
3,130,000 non-flow-through units were subscribed for at a price of $0.35 per unit for proceeds of
$1,095,500, with each unit consisting of one (1) common share and one (1) non-transferable
share purchase warrant. Each warrant is exercisable for a period of three (3) years for the
purchase of one (1) additional common share at a price of $0.50 per share.
276,444 flow-through units were subscribed for at a price of $0.45 per unit for proceeds of
$124,400, with each flow-through unit consisting of one (1) flow-through common share and one
(1) non-flow-through, non-transferable share purchase warrant. Each warrant is exercisable for
a period of three (3) years for the purchase of one (1) additional non-flow-through common
share at a price of $0.60 per share.
Gordon Lam, CEO commented, “Backed by several funds and institutions, the capital will help
us ramp up and expand our drilling plans at the potentially large-scale Wall Target and other
targets that we believe will add significant mineralized zones to those already existing at our
gold-silver rich Black Dog Deposit. With the first ever VTEM© survey covering 137 sq. km on
the Rock & Roll and Sugar properties currently being flown, we anticipate locking down our
targets and drilling in the next few weeks. The VTEM© data will also assist in verifying other
high priority targets recently upgraded at never-drilled, prospective areas.”
The Company paid finder’s fees of $19,163 and 53,861 finder’s warrants to arm’s length parties
in connection with the private placement as permitted by securities law. The finders’ warrants
are exercisable at $0.45 per share for a three (3) year period.
Proceeds of the non -flow-through financing will be used for exploration and genera l working
capital. The gross proceeds from the flow-through f inancing will be used to fund Canadian
Exploration Expenses (within the meaning of the Income Tax Act (Canada)) which shall qualify
as "flow-through mining expenditures", for purposes of the Income Tax Act (Canada), related to
the Company's Rock & Roll and Sugar properties in BC.
About Palisades Goldcorp
Palisades Goldcorp is Canada's new resource focused merchant bank. Palisades' management
team has a demonstrated track record of making money and is backed by many of the industry's
NEWS RELEASE Symbol: CSE: ETR, FSE: ERR
August 17, 2020 For Immediate Dissemination
most notable financiers. With junior resource equities valued at generational lows, management
believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with
significant stakes in undervalued companies and assets with the goal of generating superior
returns.
About Etruscus
Etruscus Resources Corp. is a Vancouver-based exploration company focused on the development
of its 100%-owned Rock & Roll and Sugar properties comprising 27,136 hectares near the past
producing Snip mine in Northwest B.C.’s prolific Golden Triangle.
Etruscus is traded under the symbol “ETR” on the Canadian Securities Exchange and “ERR” on the
Frankfurt Stock Exchange and has 25,899,945 common shares issued and outstanding including
the aforementioned private placement.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain information set forth in this news release may contain forward -looking statements that involve
substantial known and unknown risks and uncertainties. All statements other than statements of historical
fact are forward -looking statements, including, without limitation, statements regarding future financial
position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint -
ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving
the Company. Such forward -looking information reflects management’s current beliefs and is based on
information currently available to management. Often, but not always, forward-looking statements can be
identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or
variations (including negative variations) of such words and phrases or may be identified by statements to
the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or
be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual
results or performance to materially differ from any future results or performance expressed or implied by
the forward -looking information. These forward -looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of the Company including, but n ot limited to, the
impact of general economic conditions, industry conditions and dependence upon regulatory approvals.
Certain material assumptions regarding such forward -looking statements may be discussed in this news
release and the Company’s annual an d quarterly management’s discussion and analysis filed at
www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information,
Company Contact
Gordon Lam, CEO
Email: [email protected]
Telephone: 604-336-9088
Website: www.etruscusresources.com
NEWS RELEASE Symbol: CSE: ETR, FSE: ERR
August 17, 2020 For Immediate Dissemination
although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements. The Company does not assume any obligation
to update or revise its forward -looking statements, whether as a result of new information, future events,
or otherwise, except as required by securities laws.
No securities regulatory authority has either approved or disapproved of the contents of this news release.
The Shares have not been, nor will they be, registered under the United States Securities Act of 1933, as
amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the
account or benefit of any person in the United States, absent registration or an applicable exemption from
the registration requirements. This press release shall not cons titute an offer to sell or the solicitation of
an offer to buy any common shares in the United States, or in any other jurisdiction in which such offer,
solicitation or sale would be unlawful. We seek safe harbour.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies
of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news
release.
Not intended for distribution to United States Newswire Services or for dissemination in the United States.
Any failure to comply with this restriction may constitute a violation of United States Securities laws.