TRU Announces Non-Brokered Private Placement to Fund Drilling of High-Grade Gold Target at Golden Rose Project
Toronto, Ontario--(Newsfile Corp. - April 20, 2023) - TRU Precious Metals Corp. (TSXV: TRU) (OTCQB: TRUIF) ("TRU" or the "Company") announces that it intends to complete a non-brokered private placement for gross proceeds between $250,000 to $500,000 (the "Offering").
The Company intends to issue units ("Units") at a price of $0.05 per Unit. Each Unit will consist of one common share in the capital of the Company (a "Share") and one Share purchase warrant (a "Warrant") exercisable for one additional Share at a price of $0.075 for 36 months from the date of issuance.
The gross proceeds of the Offering will primarily be used for approximately 1,000 metres (m) of test drilling at the Mark's Pond target area, at the Company's Golden Rose Project ("Golden Rose") in central Newfoundland, where a 275 m long trench completed in October 2022 returned significant high-grade gold channel sampling results from the newly discovered Northcott Gold Zone (see press release dated January 12, 2023), 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.
The Company expects to carry out this drill program later this summer, following completion of preparatory fieldwork already underway. A portion of the proceeds from the Offering will also be used 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) a cash commission equal to 8% of the gross proceeds raised from subscribers to the Offering who were introduced by such finder, and (b) such number of non-transferrable finder warrants ("Finder Warrants") as is equivalent to 8% of the number of Units issued to such subscribers. Each Finder Warrant will entitle the holder thereof to purchase one Share at a price of $0.075 for a period of 36 months following the Closing Date.
All securities issued under the Offering will be subject to a four-month statutory hold period in accordance with applicable securities laws. Completion of the Offering remains subject to TSX Venture Exchange approval.
The securities issued pursuant to the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Qualified Person Statement
The scientific and technical information disclosed in this news release has been prepared and approved by Paul Ténière, M.Sc., P.Geo., Vice President of Exploration for TRU, and a Qualified Person as defined in NI 43-101.
About TRU Precious Metals Corp.
TRU (TSXV: TRU) (OTCQB: TRUIF) is on a mission to build long-term shareholder value, through prudent natural resource property development and transactions. TRU is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt on its 100%-owned Golden Rose Project, originally optioned from TSX-listed Altius Minerals. Golden Rose is a regional-scale 240.25 km2 land package, including a recently-discovered 20 km district-scale structure, and an additional 45 km of strike length along the deposit-bearing Cape Ray - Valentine Lake Shear Zone, directly between Marathon Gold's Valentine Gold Project and Matador Mining's Cape Ray Gold Project. In addition, TRU has an option to acquire up to an aggregate 65% ownership interest in two claim packages covering 33.25 km2 including a 12 km strike length along the Shear Zone within Golden Rose.
TRU is a portfolio company of Resurgent Capital Corp. ("Resurgent"), a merchant bank providing venture capital markets advisory services and proprietary financing. Resurgent works with promising public and pre-public micro-capitalization companies listing on Canadian stock exchanges. For more information on Resurgent and its portfolio companies, please visit Resurgent's website at https://www.resurgentcapital.ca/ or follow Resurgent on LinkedIn at https://ca.linkedin.com/company/resurgent-capital-corp.
For further information about TRU, please contact:
Co-Founder & CEO
TRU Precious Metals Corp.
Phone: 1-855-760-2TRU (2878)
To connect with TRU via social media, below are links:
TRU would like to thank the Government of Newfoundland and Labrador for its past financial support through the Junior Exploration Assistance Program.
Cautionary Statements Regarding Forward-Looking Information
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains certain forward-looking statements, including those relating to the Offering and the use of proceeds thereof, and to exploration activities at Golden Rose. These statements are based on numerous assumptions regarding the Offering and the Company's exploration plans that are believed by management to be reasonable in the circumstances, and are subject to a number of risks and uncertainties, including without limitation: financing risk and the risk that the Company will not be able to raise sufficient funds to carry out its business plans; risks inherent in mineral exploration activities; volatility in financial markets, economic conditions, and precious metals prices; regulatory approval processes; and those other risks described in the Company's continuous disclosure documents. Actual results may differ materially from results contemplated by the forward-looking statements herein. Investors and others should carefully consider the foregoing factors and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements herein except as required by applicable securities laws.
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