/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
HALIFAX, March 4 /CNW/ - Etruscan Resources Inc. announced today that it has closed its private placement equity offering of 28,378,378 common shares of the Company at a price of $0.37 per common share for gross proceeds of approximately $10.5 million. The common shares were sold by Raymond James Ltd. as sole agent on a best efforts basis. Endeavour Financial purchased 15,608,108 common shares under the Offering which maintains Endeavour's 55% ownership in the Company.
The net proceeds of the Offering will be used to initiate and advance exploration programs on the Company's properties in West Africa and for general corporate purposes.
The securities referenced by this news release have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy common shares of Etruscan Resources Inc. in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Etruscan Resources Inc. is a gold-focused Canadian mining company with dominant land positions in West Africa. The Company's principal mine projects include the Youga Gold Mine in Burkina Faso; the Agbaou Gold Project in Côte d'Ivoire; and the Finkolo Gold Project in Mali. Exploration programs and initiatives are on-going in Burkina Faso, Mali, Côte d'Ivoire, Ghana and Namibia. The common shares of Etruscan are traded on the Toronto Stock Exchange under the symbol "EET".
More extensive information on Etruscan can be found on its home page at www.etruscan.com.
This press release may contain certain forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements may include statements regarding exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, mine operating costs, production targets and timetables, future commercial production, strategic plans, market price of precious metals or other statements that are not statements of fact. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Various factors that may affect future results include, but are not limited to: fluctuations in market prices of precious metals; foreign currency exchange fluctuations; risks relating to mining exploration and development including reserve estimation and costs and timing of commercial production; requirements for additional financing; political and regulatory risks, and other risks and uncertainties described in the Company's annual information form filed with the Canadian Securities regulators on SEDAR (www.sedar.com). Accordingly, readers should not place undue reliance on forward-looking statements.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE
SOURCE ETRUSCAN RESOURCES INC.
For further information: For further information: Renmark Financial Communications Inc.: Maurice Dagenais, email@example.com; Barry Mire, firstname.lastname@example.org, (514) 939-3989, (416) 644-2020; Etruscan Resources Inc.: Richard Gordon, Investor Relations, email@example.com, (877) 465-3674, Fax (902) 832-6702