New Issue: Etruscan arranges C$10.5 million private placement of shares

By Devika Patel

Knoxville, Tenn., Feb. 19 - Etruscan Resources Inc. said it negotiated a C$10.5 million private placement of stock with 2190776 Ontario Inc.

The company will sell 26,315,789 common shares and 6,890,741 warrants. The warrants are exercisable at C$0.5478 until July 15, 2010.

The offering is scheduled to close in two tranches, with the first tranche of approximately C$5.8 million closing on Feb. 27 and the second tranche for the balance of the proceeds closing on March 23.

Etruscan, based in Windsor, N.S., is a gold exploration and development company.

Issuer:	Etruscan Resources Inc.
Issue:	Common shares
Amount:	C$10.5 million
Shares:	26,315,789
Warrants:	6,890,741
Warrant expiration:	July 15, 2010
Warrant strike price:	C$0.5478
Investor:	2190776 Ontario Inc.
Pricing date:	Feb. 19
Settlement date:	Feb. 27 (for approximately C$5.8 million), March 23
Stock symbol:	Toronto: EET
Stock price:	C$0.55 at close Feb. 18

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