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.
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Cortus Metals, a company mentioned in this article.