Earthwise Minerals raises $703,500 in private placement financing

Earthwise Minerals Corp. (CSE: WISE) completed a non-brokered private placement financing that raised gross proceeds of $703,500. The company issued 2,400,000 non-flow through units and 11,670,000 flow through units, both priced at $0.05 per unit.

Each non-flow through unit consists of one common share and one warrant allowing the purchase of an additional share at $0.08 within 24 months. The flow through units include one common share and half of one warrant with the same exercise terms.

The flow through shares qualify under Canada's Income Tax Act, with proceeds designated for Canadian exploration expenses that the company will renounce to purchasers for tax purposes. These funds will advance exploration activities at the Iron Range Gold Property in British Columbia.

Proceeds from the non-flow through offering will support general working capital requirements. The company paid $15,550 in finders' fees and issued 311,000 broker warrants with identical exercise terms to the unit warrants.

All securities from the offering are subject to a four-month and one-day statutory hold period. The completion remains subject to regulatory approvals.

Earthwise Minerals holds an option to earn up to 80% interest in the Iron Range Gold Project near Creston, British Columbia. The property spans a 10 km by 32 km area along the Iron Range Fault System.

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