Corp. Announces Closing of the First Tranche of Private Placement and Upsizes Offering
Summary
Elena Clarici, President and CEO of Electrum commented: "We are pleased to have completed the closing of the first tranche of our private placement and were delighted by the support from existing shareholders and interest from new investors".Closing of the second tranche of the Private Placement is expected to occur on or before October 7th, 2024, or such other date or dates that the Company may determine.The proceeds of the Private Placement will be used by the Company for the continued exploration of its Timok East copper-gold project ("Timok East") including a maiden drill programme and for working capital purposes.All of the Units issued as part of the First Tranche are subject to a hold period expiring on February 2, 2025.In connection with the Private Placement, the Company may pay finders fees to eligible non-related parties of up to 6% of the gross proceeds raised. Novo Tlamino, located in the south-east of the Republic of Serbia, covers 522 square kilometers and includes an inferred mineral resource estimate of 670,000oz AuEq (7,100,000t at 2.9 g/t AuEq average grade), PEA (January 7, 2021)1.Electrums management team is focused on maximizing shareholder value through the acquisition and advancement of a large portfolio of copper-gold assets, while fostering sustainability, governance and knowledge transfer in the region.Additional information on Electrum can be found by reviewing the Companys page on SEDAR+ at www.sedarplus.ca.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities legislation. Often, but not always, this forward-looking information can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Electrum, to be materially different from any results, performance or achievements expressed or implied by forward-looking information. Such uncertainties and factors include, among others, uncertainties inherent in the PEA and exploration results and the estimation of mineral resources; risks related to the failure to obtain adequate financing on a timely basis and on acceptable terms; changes in general economic conditions and financial markets; risks associated with the results of exploration and development activities, and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in Electrums quarterly and annual filings with securities regulators and available under Electrums profile on SEDAR+ at www.sedarplus.ca. Although Electrum has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.Forward-looking information contained herein are based on the assumptions, beliefs, expectations and opinions of management.