• Mr. Richard Penn

BLACK TUSK RESOURCES CLOSES $329,000 PRIVATE PLACEMENT

Mr. Richard Penn reports

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


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


The company closed a private placement offering issuing a total of 6.58 million units at a price of five cents per unit for total proceeds of $329,000. Each unit consists of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase an additional share at a price of six cents per share for a two-year term. Directors Richard Penn and Roman Rubin participated in the offering purchasing 250,000 units each.


The company settled outstanding indebtedness of $126,800 in exchange for common shares of the company at a price of five cents per common share. The company settled outstanding indebtedness of $10,500 owing to a company controlled by director Renat Mateav and the company settled outstanding indebtedness of $10,500 owing to a company controlled by director Alex Klenman.


The company also cancelled 1.79 million stock options issued at various dates at various prices. Of the cancelled options, 1.74 million were held by directors and officers of the company.

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