HALIFAX, March 31 /CNW/ - Etruscan Resources Inc. (EET.TSX) announced
today that it closed the second tranche of its Cdn$10.5million private
placement with 2190776 Ontario Inc. ("the Subscriber") by issuing 11,698,840
common shares to the Subscriber for proceeds of Cdn$4.7million.
As previously announced, the private placement consisted of 26,315,789
common shares and 6,890,741 warrants for aggregate proceeds to Etruscan of
Cdn$10.5 million. Each warrant entitles the holder to acquire a common share
at a price of Cdn$0.5478 until July 15, 2010. The warrants were also issued at
the second closing. The proceeds from this private placement will be used for
general corporate purposes.
The Subscriber is beneficially owned by Maxim Finskiy. Mr. Finskiy is the
owner of a gold mining business in Eastern Siberia (Russia). He is also a
partner and the Chief Executive Officer in LLC MC Intergeo, the mining and
exploration arm of the private Russian investment fund Onexim Group. Mr.
Finskiy was a Deputy General Director and Deputy Chairman of the Management
Board of MMC Norilsk Nickel from 2001 to 2008.
Etruscan has agreed it will not seek further equity investments for a
period of 60 days during which time Etruscan will engage in discussions with
the Subscriber and its representatives regarding the future growth path of
Etruscan, including the strategy for the development and financing of the
Agbaou Gold Project in Cote d'Ivoire.
Etruscan is also pleased to announce the appointment of Michael Page and
Stephen Stine to the existing Board of Directors of Etruscan based upon the
recommendation of the Subscriber.
Michael Page of Denver, Colorado is a Vice President of Intergeo
Management Limited. Mr. Page has a distinguished world-wide career as an
exploration geologist and research scientist with a particular specialization
in nickel sulphide and platinum group element (PGE) systems, beginning in 1974
with Western Mining Corporation in Australia and culminating with his
appointment from 2005-2008 as Director of Geological Exploration with MMC
Norilsk Nickel in Russia. Mr. Page's career with Western Mining spanned a 19
year period from 1974-1993 which took him from Australia to North and South
America where he worked on a number of world class deposits and districts,
managed their international Geological Research Laboratories and was appointed
Chief Geologist USA. During his 35 year career Mr. Page has also gained
considerable gold-related experience having acted as Exploration Manager and
Chief Geologist for Golden Shamrock Mines in West Africa and Australia from
1993-1996, and as Vice President Exploration for Jinshan Gold Mines in China
from 2003-2005. During 2003-2005 he also acted as a principal consultant to
the Ivanhoe Group, including VP Exploration, Ivanhoe Nickel & Platinum.
