• Mr. Richard Penn

BLACK TUSK CLOSES PRIVATE PLACEMENT, GRANTS OPTIONS

Mr. Richard Penn reports

BLACK TUSK RESOURCES INC. CLOSES PRIVATE PLACEMENT, SETTLES DEBT, ISSUES OPTIONS


Black Tusk Resources Inc. has closed a private placement, completed a debt settlement arrangement and issued stock options.


The company closed a private placement offering, issuing a total of 2,166,667 flow-through common shares at a price of six cents per share for total proceeds of $130,000.02. In connection with the offering, the company issued 346,666 broker warrants exercisable at 10 cents for a period of two years and paid $20,800 cash.


The company settled outstanding indebtedness of $146,895 in exchange for common shares of the company at a price of five cents per common share.


The company also issued 3,033,563 stock options issued with an exercise price of five cents per share for a period of two years, of which 2.6 million of the issued options were issued to directors and officers of the company.

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