First Tellurium closes $125K final tranche of financing
2023-01-03 10:20 ET – News Release
Mr. Tyrone Docherty reports
FIRST TELLURIUM CLOSES THIRD AND FINAL TRANCHE OF PRIVATE PLACEMENT, ENGAGES IR CONSULTANT AND GRANTS STOCK OPTIONS
First Tellurium Corp. has closed the third and final tranche of a non-brokered private placement previously announced on Oct. 16, 2022. The company has issued 1.25 million units for gross proceeds of $125,000. Together with the first tranche closing announced Nov. 17, 2022, for $404,000 (composed of 2.6 million flow-through shares at a price of 14 cents per share for proceeds of $364,000 and 400,000 units at 10 cents per unit for proceeds of $40,000), the second tranche closing announced Dec. 20, 2022, for $986,600 (composed of 150,000 FT shares at a price of 14 cents per share for proceeds of $21,000 and 9,656,000 units at 10 cents per unit for proceeds of $9,656,000) and the third tranche closing, the company has raised a total of $1,130,600 from the sale of 10,646,000 units and $385,000 from the sale 2.75 million FT shares.
No commissions or finders fees were paid in connection with the third tranche closing.
All securities issued in connection with the Third Tranche closing are subject to a hold period expiring April 30, 2023, in accordance with applicable securities laws and the policies of the CSE.
All proceeds received in connection with the Offering will be utilized for exploration and other costs associated with the Company’s Deer Horn and Colorado Klondike properties, as well as for general working capital purposes.
IR Consultant
The Company also announces the engagement of MARS Investor Relations Inc. (“MARS”) to provide investor relations and advisory services. Under the terms of the agreement, MARS will receive cash consideration of $144,000 over a period of twelve months and 500,000 incentive stock options, effective January 2023.
Stock Option Grant
The Company also announces that it has granted 1,200,000 incentive stock options to a director and consultants of the Company. Stock options will vest in accordance with the policies of the CSE at varying periods for 10 years at a price of $0.14 per option share, including 500,000 stock options issued to MARS Investor Relations Inc.
About First Tellurium Corp.
First Tellurium’s unique business model is to generate revenue and value through mineral discovery, project development, project generation and cooperative access to untapped mineral regions in Indigenous territory with sustainable exploration.
Our polymetallic (tellurium, gold, silver copper, tungsten) Deer Horn Project in British Columbia and Klondike tellurium-gold property in Colorado anchor a diversified search for metals, working in alliance with Indigenous peoples, NGOs, governments and leading metals buyers. This is the future of mineral exploration: generating revenue by exploring responsibly and leveraging diverse partnerships.
First Tellurium proudly adheres to and supports the principles and rights set out in the United Nations Declaration on the Rights of Indigenous Peoples and in particular the fundamental proposition of free, prior and informed consent.
We seek Safe Harbor.
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