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Orsu Metals closes on C$1.4M in financing to advance Sergeevskoe project in Russia

Investors include two company directors and Doug Casey, legendary speculator and best-selling author and the leader of Casey Research

Orsu Metals Corporation - Orsu Metals Corporation closes two concurrent non-brokered private placements that raised over C$1.4 million to advance its flagship Sergeevskoe project in Russia
Sergei Stefanovich, managing director, subscribed for C$990,075 of special warrant financing

Orsu Metals Corporation (CVE:OSU) has closed two concurrent non-brokered private placements that raised over C$1.4 million to advance its flagship Sergeevskoe project in Russia. 

Investors in the financing announced last month include two of the company’s directors and Doug Casey, legendary speculator and best-selling author and the leader of Casey Research, Orsu said in a statement released late Friday.  

Casey took part in a placing of 1.4 million units at a price of $0.2385 to raise proceeds of C$333,900. Each unit consists of one common share and one warrant, entitling the holder to buy a company share for $0.36 for a period of three years.

READ: Orsu Metals finds new gold veins at Peak Klyuchi domain at Sergeevskoe project

The other private placement involved 4,188,962 special warrants at a price of $0.265 to raise C$1,110,075 from two company directors. 

Sergei Stefanovich, the managing director, subscribed for C$990,075 of the special warrant financing and Sergey Kurzin, the executive chairman, subscribed for C$120,000.

Stefanovich currently owns or controls 7,272,158 common shares, representing 19.9% of the issued and outstanding shares of the company before the closing of the unit financing and the conversion of all special warrants.

Upon conversion of the special warrant into common shares, Stefanovich would own or control 11,008,290 common shares, representing 26.1% of outstanding shares.

Orsu said it will arrange to hold a special shareholder meeting for the disinterested shareholders to approve a change of control resolution to allow Stefanovich to become a controlling shareholder of Orsu. 

Each special warrant will be exercisable into one common share of the company for no additional consideration upon receipt of all approvals. All securities issued and issuable are subject to a hold period in Canada, expiring on March 9, 2020.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Quick facts: Orsu Metals Corporation

Price: 0.26 CAD

TSX-V:OSU
Market: TSX-V
Market Cap: $9.87 m
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