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Vancouver, BC, Canada, Jan. 03, 2023 (GLOBE NEWSWIRE) -- First Tellurium Corp. (CSE: FTEL, OTC FSTTF) (the “Company” or “First Tellurium”) announces it has closed the third and final tranche (the "Third Tranche") of a non-brokered private placement (the “Offering”) previously announced on October 16, 2022. The Company has issued 1,250,000 units for gross proceeds of $125,000. Together with the first tranche closing announced November 17, 2022 for $404,000 (comprised of 2,600,000 flow-through shares at a price of $0.14 for proceeds of $364,000 and 400,000 units at $0.10 per unit for proceeds of $40,000), the second tranche closing of announced December 20, 2022 for $986,600 (comprised of 150,000 flow-through shares at a price of $0.14 for proceeds of $21,000 and 9,656,000 units at $0.10 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 2,750,000 flow through 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.
| On behalf of the board of directors of First Tellurium Corp. “Tyrone Docherty” Tyrone Docherty President and CEO | For further information please contact: Tyrone Docherty 604.789.5653 tyrone@firsttellurium.com |
Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated event.
