Maxim Finskiy Acquires Additional Securities of Etruscan Resources Inc.

Mon. June 01, 2009; Posted: 01:16 PM

MOSCOW, RUSSIA, Jun 1, 2009 (Marketwire via COMTEX) -- ETRUF | Quote | Chart | News | PowerRating -- Maxim Finskiy ("Finskiy") announces that Finskiy has indirectly acquired in a private placement transaction, for cash consideration of U.S. $3,000,000 (Cdn.$3,336,000), beneficial ownership of a senior unsecured convertible promissory note (the "Note") of Etruscan Resources Inc. ("Etruscan") in the principal amount of U.S. $3,000,000, together with warrants (the "X Warrants") exercisable to purchase an aggregate of 4,630,760 common shares of Etruscan ("Common Shares") at a price of $0.3602 per share until May 28, 2011 and a second tranche of warrants (the "Y Warrants"), exercisable commencing November 24, 2009 until May 28, 2011, to purchase up to that number of Common Shares determined by dividing the Canadian dollar equivalent of U.S.$1,500,000 determined one business day prior to November 24, 2009 by the volume weighted average trading price of the Common Shares on the Toronto Stock Exchange for the five trading days immediately prior to November 24, 2009, which will also be the exercise price of the Y Warrants. The Note bears interest at the rate of 10% per annum and is repayable on May 28, 2010. If the Note is not repaid on or before that date the Canadian dollar equivalent of the unpaid principal amount of the Note plus accrued and unpaid interest will be convertible thereafter into Common Shares at a conversion price of $0.3602 per share.

As a result of the acquisition, Finskiy indirectly owns an aggregate of 26,315,789 Common Shares of Etruscan and 11,521,501 share purchase warrants (including the X Warrants but excluding the Y Warrants, the number of which is not determinable at this time). The Common Shares currently owned by Finskiy represent approximately 16.5% of the issued and outstanding Common Shares. Assuming the exercise of the warrants owned by Finskiy (other than the Y warrants) and without giving effect to the conversion of the Note Finskiy would own 37,837,290 common Shares or approximately 22.2 % of the outstanding Common Shares. The Common Shares issuable on exercise of the X warrants alone would represent approximately 2.9% of the outstanding Common Shares.

Finskiy indirectly owns all the outstanding shares of 2190776 Ontario Inc. ("Ontarioco"), which directly acquired the Note, X Warrants and Y Warrants of Etruscan and currently owns all of the securities of Etruscan beneficially owned by Finskiy.

The Note, X Warrants and Y Warrants were acquired for investment purposes. Finskiy has not made any determination with respect to future ownership of, or control over, any additional securities of Etruscan. Finskiy may in the future acquire, directly or indirectly, additional Common Shares or other securities of Etruscan in the market or through private or other transactions, sell all or some portion of the shares of Etruscan he owns or controls, or enter into derivative or other transactions with respect to such shares.

SOURCE: Maxim Finskiy

LLC Intergeo
Voznesenskiy Pereulok 22, 125993 Moscow, Russia
+7495 725 5837

For full details for ETRUF click here.

More News: Market Updates | Stock Alerts | All Trading News | Stock Index

Archives

Feedback

Email Article Link

Close X

RELATED SITES

Please call 1-213-955-5858 ext. 1

Tax Relief Bank Levy Wage Garnishment

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.