Etruscan closes first tranche of Cdn$10.5 million private placement



    HALIFAX, Feb. 24 /CNW/ - Etruscan Resources Inc. (EET.TSX) announced that
today it closed the first tranche of its Cdn$10.5million private placement
with 2190776 Ontario Inc. ("the Subscriber") by issuing 14,616,949 common
shares to the Subscriber for proceeds of Cdn.$5.8million.
    As previously announced, the private placement consists of 26,315,789
common shares and 6,890,741 warrants for aggregate proceeds to Etruscan of
Cdn$10.5 million. Each warrant will entitle the holder to acquire a common
share at a price of Cdn$0.5478 until July 15, 2010.
    The second tranche of the offering is scheduled to close on or about
March 23, 2009. The closing of the second tranche is subject to certain
conditions including, but not limited to, the receipt of all necessary
regulatory approvals including the approval of the Toronto Stock Exchange. The
proceeds from this private placement will be used for general corporate
purposes.
    The Subscriber is beneficially owned by Maxim Finskiy. Mr. Finskiy is the
owner of a gold mining business in Eastern Siberia (Russia). He is also a
partner and the Chief Executive Officer in LLC MC Intergeo, the mining and
exploration arm of the private Russian investment fund Onexim Group. Mr.
Finskiy was a Deputy General Director and Deputy Chairman of the Management
Board of MMC Norilsk Nickel from 2001 to 2008.
    Etruscan has agreed it will not seek further equity investments for a
period of 60 days during which time Etruscan will engage in discussions with
the Subscriber and its representatives regarding the future growth path of
Etruscan, including the strategy for the development and financing of the
Agbaou Gold Project in Côte d'Ivoire. Etruscan has also agreed to appoint two
representatives of the Subscriber to the existing Board of Directors of
Etruscan.

    About Etruscan Resources Inc.

    Etruscan Resources Inc. is a gold focused Canadian junior mining company
with dominant land positions in district scale gold belts covering more than
13,000 square kilometers in West Africa. Its principal mine development
projects include the Youga Gold Project in Burkina Faso (latest press release
dated December 4, 2008), the Agbaou Gold Project in Côte d'Ivoire (latest
press release dated December 18, 2008), and the Finkolo Gold Project in Mali
(latest press release dated July 2, 2008). Advanced and early stage
exploration projects are on-going in Burkina Faso, Mali, Côte d'Ivoire, Ghana
(see press release dated June 10, 2008) and Namibia (see press release dated
January 15, 2009). Etruscan also has a 52.1% interest in Etruscan Diamonds
Limited which has a dominant land position in the Ventersdorp Diamond District
located in South Africa (latest press release dated December 12, 2008). The
common shares of Etruscan are traded on the TSX Exchange under the symbol
"EET". More extensive information on Etruscan can be found on its home page at
http://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




For further information:

For further information: from Etruscan contact: Richard Gordon, Investor
Relations, (877) 465-3674, Fax: (902) 832-6702, rgordon@etruscan.com

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ETRUSCAN RESOURCES INC.

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