Brutus Mining plans $3M private placement in two concurrent offerings

Brutus Mining Inc. (CSE: BRU) announced plans to raise up to $3,000,000 through two concurrent non-brokered private placements, according to a company statement.

The first offering consists of hard dollar units priced at $0.35 each, with the company seeking to issue up to 5,714,285 units for gross proceeds of up to $1,999,999.75. Each unit includes one common share and one warrant to purchase an additional share at $0.40 for 24 months from the closing date.

The second offering consists of flow-through units priced at $0.40 each, with up to 2,500,000 units available for gross proceeds of up to $1,000,000. Each flow-through unit includes one flow-through share under Canada's Income Tax Act and one warrant to purchase a non-flow-through share at $0.43 for 24 months from closing.

Brutus Mining said proceeds from the hard dollar unit offering will be directed toward exploration on its CW Property in British Columbia, evaluation of new project opportunities, and general working capital. Proceeds from the flow-through offering will be used to fund eligible Canadian exploration expenses on the CW Property, with the company committing to renounce qualifying expenditures to subscribers no later than Dec. 31, 2026.

All securities issued under the offerings will be subject to a hold period of four months and one day. The company said it may pay finders' fees in connection with the placements, subject to applicable securities laws and Canadian Securities Exchange policies.

Brutus Mining is a Vancouver-based mineral exploration company whose sole property is an option to acquire a 100% interest in the CW Property, comprising five contiguous mineral claims totaling 2,894.56 hectares in British Columbia's Kamloops Mining Division. The company states no mineral resources or reserves have been estimated on the property.

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