BTU Metals Corp. announced that it has entered into a subscription agreement to issue 25 million common shares at a price of CAD 0.05 per share for the gross proceeds of CAD 1.25 million on February 22, 2023. The transaction will include participation from Kinross Gold Corporation for 25 million common shares, representing 17.5 per cent of the issued and outstanding common shares.

The common shares will have a hold period of four months and one day from the closing date of transaction. The transaction is subject to the satisfaction of customary closing conditions, including the final approval of the TSX Venture Exchange.