Cortus Metals Inc. (CRTS:TSX.V; CRTTF:OTCQB) announced in a news release it raised $600,000 in gross proceeds from the first tranche of its private placement.
The company plans to complete further tranches soon.
The Canadian minerals explorer will use the newly generated funds for exploration, for maintaining its properties and for general working capital.
In the initial tranche, Cortus sold 4 million units at $0.15 apiece. Each unit consisted of one common share and one-half of a share purchase warrant. With a whole share price warrant, the holder may buy, through Aug. 31, 2022, another common Cortus share for $0.25.
Three company insiders subscribed to this financing, thereby increasing the number of shares they own.
Cortus CEO and Director Sean Mager indirectly subscribed for 223,666 units, expanding his holdings to 3.3%. Chief Financial Officer Jesse Teufeld and Director James Greig both directly subscribed, for 100,000 units and 75,000 units, respectively, taking their holding to less than 1% each.
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