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Brutus Mining to Raise CA$3.0 Million Via Private Placements

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Brutus Mining (BRU.CN) intends to undertake two concurrent non-brokered private placements for total proceeds of up to about CA$3 million, it said in a statement on Monday.

The offerings will consist of a hard dollar unit offering and a flow-through unit offering. Each unit will be sold at CA$0.35 apiece, for up to 5.7-million units for CA$2.0 million and will consist of one common share and one two-year warrant.

Each warrant will entitle the holder to buy a share for CA$0.40. Each FT unit will be sold at CA$0.40 per FT unit, for up to 2.5-million FT units for CA$1 million, it said.

Proceeds of the FT offering will be used to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" on the CW property, it added.

Shares of the company closed up 8.6% to CA$0.38 on Friday on the Canadian Securities Exchange.

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