Cruz Battery Metals Reports Private Placement; Down 3.3%

Cruz Battery Metals Reports Private Placement; Down 3.3%

Cruz Battery Metals Corp.

said Wednesday that it plans to raise $3.5 million in proceeds via private placement financing.

The company plans to issue about 34.7 million units at $0.101 apiece.

Each unit will be comprised of one common share and one transferrable share purchase warrant. Each warrant will allow the holder to buy one additional share at $0.15 per warrant share until 5 pm Vancouver time five years from the closing of the financing.

The company plans to use the proceeds for drilling on current projects and general working capital.

The company's stock fell 3.3% on last look on Wednesday.