Brutus Mining closes $3M private placement on CSE: BRU

Brutus Mining Inc. (CSE: BRU) (FSE: ZI3) has closed a non-brokered private placement financing for aggregate gross proceeds of approximately $3.0 million, according to a company statement.

The Vancouver-based mineral exploration company issued 5,710,643 units at $0.35 per unit, raising roughly $2.0 million. Each unit consists of one common share and one transferable warrant exercisable at $0.40 per share for 24 months from closing.

Brutus also issued 2,500,000 flow-through units at $0.40 per unit for gross proceeds of $1.0 million. Each flow-through unit includes one flow-through common share and one warrant exercisable at $0.43 per share for 24 months from closing.

Proceeds from the standard units will be directed toward exploration on the company's CW Property, evaluation of new project opportunities, and general working capital. Proceeds from the flow-through units will be applied to eligible Canadian exploration expenses qualifying as flow-through mining expenditures under Canada's Income Tax Act. The company intends to renounce those expenditures to flow-through subscribers with an effective date no later than Dec. 31, 2026.

In connection with the closing, Brutus paid finders' fees of $203,260.75 and issued 399,745 non-transferable warrants and 158,375 non-transferable flow-through warrants to eligible finders. All securities issued carry a hold period of four months and one day.

The CW Property consists of five contiguous mineral claims totaling 2,894.56 hectares in British Columbia's Kamloops Mining Division, located approximately 100 kilometers north of Kamloops. The property hosts five reported mineral showings with copper and gold mineralization and is at an early stage of exploration.

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