Vancouver, British Columbia–(Newsfile Corp. – April 1, 2022) –(TSXV: ECC) (OTCQB: ETHOF) (FSE: 1ET) (“Ethos” or the “Company“) is pleased to announce that, as a result of demand, it has increased the size of its previously announced non-brokered private placements of non-flow-through units and flow through shares. Ethos will now raise aggregate gross proceeds of up to $3,462,000 per the terms described in the March 8, 2022 press release, and will also include a Quebec flow through component of Quebec flow through common shares at a price of $0.75 per Common Share (the “QC FT Offering”) which will be issued on a post consolidated basis.
The gross proceeds of the QC FT Offering will be used by the Company to incur “Canadian exploration expenses” that will qualify as “flow-through mining expenditures” within the meaning of the Income Tax Act (Canada) related to the Company’s projects in Québec which will be renounced to the initial purchasers of the QC FT Offering.
The Company may pay finders’ fees under the offering in accordance with applicable securities laws and the policies of the TSX Venture Exchange. All securities issued in the offerings will be subject to a statutory four month hold period. Closing of the private placements are subject to receipt of all regulatory approvals, including approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The Company also announces that pursuant to directors resolutions dated March 17, 2022 and following the receipt of all necessary approvals, effective April 6, 2022, the Company’s name will be officially changed to Prospector Metals Corp. (“Prospector”), and Prospector’s common shares will start trading on the TSX Venture Exchange under the ticker symbol “PPP”.
Further to its news release dated March 8, 2022, the Company announces that it has consolidated its common shares on the basis of one (1) new post-consolidation common share for every three (3) pre-consolidation common shares effective as of April 6, 2022 (the “Consolidation”).
Effective at the opening of market on April 6, 2022, the common shares of the Company will commence trading on a post-Consolidation basis under the existing ticker symbol “PPP” (CUSIP: 74359L105; ISIN: CA74359L1058). There are currently 148,140,238 common shares outstanding and following completion of the Consolidation and private placements, the Company will have approximately 54,767,975 shares outstanding.
No fractional shares will be issued in connection with the Consolidation. Shareholders who would otherwise be entitled to receive a fraction of a common share will be rounded down to the nearest whole number of common shares and no cash consideration will be paid in respect of fractional shares. Registered holders of common shares will receive a letter of transmittal from TSX Trust with instructions on how to exchange existing share certificates for new post-Consolidation share certificates
is a Discovery Group Company with a business model focussed on district scale, early-stage exploration of gold and base metal prospects and create shareholder value through new discoveries. The Company’s focus is to identify underexplored or overlooked mineral districts which display important structural and mineralogical similarities with well-endowed mining camps. The majority of the projects acquired by Ethos occur in Ontario, Canada, which is a tier-1 mining jurisdiction with abundant overlooked geological regions with high mineral potential. Ethos engages proactively with local and Indigenous rightsholders and seeks to develop relationships and agreements that are mutually beneficial to all stakeholders.
On behalf of the Board of Directors,
Alex Heath, CFA
President & CEO
Forward-Looking Statement Cautions:
This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, including, but not limited to, statements regarding the Offering, including the terms, conditions, closing and use of proceeds thereof, the Consolidation, including the expected effective date and completion thereof, and the Company’s plans with respect to changing its corporate name and trading symbol. Although the Company believes that such statements are reasonable, it can give no assurance that such statements or the Company’s expectations with respect thereto will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the risk that the Company does not complete the Offering or the Consolidation on the timeline anticipated, or at all, including as a result of not having received approval from the www.sedar.com for a more complete discussion of such risk factors and their potential effectsthe Offering or the Consolidation, and that the Company uses the proceeds from the Offering differently than described in this release. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at
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.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118863
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