BTU Capital Corp. Files Filing Statement and Provides Update Regarding Its Qualifying Transaction
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BTU CAPITAL CORP.
Suite 1240, 789 West Pender St. Vancouver, British Columbia
Phone: 604-683-3995/ Toll Free: 888-945-4770/Fax: 604-683-3988
BTU CAPITAL CORP. FILES FILING STATEMENT AND
PROVIDES UPDATE REGARDING ITS QUALIFYING TRANSACTION
May 31, 2017, Vancouver, BC, Canada – BTU CAPITAL CORP. ("BTU" or the "Company")
(BTU.H-NEX) is pleased to report that it has filed a filing statement with respect to its proposed
qualifying transaction.
As announced in its February 21, 2017 news release, BTU has entered into an option
agreement (the "Option Agreement") with arms-length optionors whereby BTU has been
granted an option to acquire an undivided 100% interest in the "Shakespeare Property" located
approximately three kilometers northeast of Webbwood, Ontario. Additional information
regarding the Shakespeare Property may be found in the Filing Statement, as well as in the
independent NI 43-101 technical report prepared on behalf of the Company by Elizabeth
Ronacher, PhD, P.Geo., and Jenna McKenzie, P.Geo. of Ronacher McKenzie Geoscience.
Additionally, BTU announces that it has increas ed its previously announced private placement
offering of Units. BTU will offer up to 12 million Units (previously 11 million) at a price of five
cents per Unit, for gross proceeds of up to $600,000 (previously $550,000). Each Unit will
comprise one common share of BTU and one half of a share purchase warrant, with each full
warrant entitling the holder to purchase one additional common share of BTU at a price of ten
cents per share for a period of one year from the date of issue. BTU will also offer up to 2
million "flow through" common shares (the "FT Shares") at a price of ten cents per FT Share, for
gross proceeds of up to $200,000.
The proceeds of the offering (assuming it is fully subscribed) will be used as follows:
Estimated Cost ($)
Estimated working capital deficiency as at April 30, 2017 184,275
To fund remaining costs to complete the QT 50,000
To repay indebtedness owing to an arm's length party 35,000
To fund exploration programs on the Shakespeare Property 200,000
General and administrative expenses over the next 12 months 150,000
Working capital to fund ongoing operations 180,725
TOTAL 800,000
BTU intends to rely on the "investment dealer " prospectus exemption, among other prospectus
exemptions, with respect to the private placement. As such, the Issuer confirms that there is no
material fact or material change about BTU that has not been generally disclosed.
Additionally, Derrick Strickland has joined BTU's board of directors. Mr. Strickland is a
professional geologist with more than 25 years of industry experience, and has been a director
and executive officer of numerous junior mini ng companies since 2002, providing geological
technical expertise and leadership at the board level.
BTU is a capital pool company (CPC) and intends the transaction to constitute a qualifying
transaction ("QT") under TSX Venture Exchange Policy 2.4 "Capital Pool Companies". Upon
successful completion of the transaction, BTU will be a Tier 2 mining issuer. It is anticipated
that the QT will be completed on or about June 12, 2017.
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Copies of the Filing Statement and the Technical Report can be found online at SEDAR under
BTU's profile at www.sedar.com.
ON BEHALF OF THE BOARD
“Michael England”
_________________________________
Michael England, President, CEO, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770
Forward looking statements:
Certain statements in this release are forward-looking statements, including with respect to the
proposed QT and concurrent private placement financing. Forward-looking statements consist
of statements that are not purely historical, including any statements regarding beliefs, plans,
expectations or intentions regarding the future. Such statements are subject to risks and
uncertainties that may cause actual results, performance or developments to differ materially
from those contained in the statements. No assurance can be given that any of the events
anticipated by the forward-looking statements will occur or, if they do occur, what benefits the
Company will obtain from them. These forward-looking statements reflect management's
current views and are based on certain expectations, estimates and assumptions which may
prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ
materially from those expressed or implied by the forward-looking statements, as well as other
factors beyond the Company's control.
These forward-looking statements are made as of the date of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.