• Mr. Richard Penn


Mr. Richard Penn reports


Black Tusk Resources Inc. has closed a private placement for gross proceeds of $287,740.05, issuing a total of 9,590,335 units at a price of three cents per unit.

Each unit consists of one flow-through common share and one share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of six cents per share for a three-year term.

In addition, the company paid commissions of $25,771 in cash, issued 596,183 warrants and issued 262,850 common shares in connection with the offering.

The company has issued 3,832,960 common shares at a deemed price of five cents per share to extinguish outstanding indebtedness of $129,173.

The securities issued will be subject to a four-month-and-one-day hold from the date of issuance.

The proceeds from the offering will be for flow-through qualifying mineral exploration expenditures.

We seek Safe Harbor.

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