First Tellurium Closes First Tranche of Private Placement

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First Tellurium Corp.

Flow-Through Shares Will Help Fund Planned 2023/2024 Ongoing Exploration at Deer Horn
Vancouver, BC - TheNewswire - October 30, 2023 - First Tellurium Corp. (CSE:FTEL) (OTC:FSTTF) (the “Company” or “First Tellurium”) announces it has closed the first tranche (the "First Tranche") of a non-brokered private placement (the “Offering”) previously announced on September 11, 2023. The Company has issued 1,690,000 flow-through shares (the "Flow-through Shares") at a price of $0.12 per share for gross proceeds of $202,800 and 1,890,000 units (the "Units") at a price of $0.10 per unit for gross proceeds of $189,000. Each Unit consists of one common share and one common share purchase warrant exercisable at $0.15 for a period of two years following the close of the Offering.

Proceeds arising from the sale of the flow-through shares will help fund drilling and other exploration at First Tellurium’s Deer Horn Project in 2024.  Proceeds arising from the sale of the units will be utilized for exploration and maintenance on the Colorado Klondike property and for unallocated working capital.

Tyrone Docherty, President, CEO and a director of the Company (the “Insider”), participated in the Offering through the purchase by his private company, Docherty Capital Corp., of 1,000,000 Flow-Through Shares for gross proceeds of $120,000. Participation by the Insider in the Offering is considered a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insider's participation in the Offering in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the Offering by the Insider did not exceed 25% of the fair market value of the Company’s market capitalization The Company did not file a material change report at least 21 days prior to the closing of the Offering as participation of the Insider had not been confirmed at that time.

The Company paid a finder’s fee of $5,000 in connection with the First Tranche closing to an arm’s length party.

Mr. Docherty’s share purchase equals 30% of the first tranche funding. “First Tellurium is in the best situation of its entire history,” said Docherty. “With this season’s success and discoveries at Deer Horn, along with developments in our thermoelectric venture, I continue to invest in, and support, our business model. I am also purchasing shares, which I consider highly undervalued, in the open market as shown in the Company’s insider reports.”

About First Tellurium Corp.

First Tellurium’s unique business model is to generate revenue and value through mineral discovery, project development, project generation and cooperative access to untapped mineral regions in Indigenous territory with sustainable exploration.

Our polymetallic (tellurium, gold, silver copper, tungsten) Deer Horn Project in British Columbia and Klondike tellurium-gold property in Colorado anchor a diversified search for metals, working in alliance with Indigenous peoples, NGOs, governments and leading metals buyers. This is the future of mineral exploration: generating revenue by exploring responsibly and leveraging diverse partnerships.

First Tellurium proudly adheres to and supports the principles and rights set out in the United Nations Declaration on the Rights of Indigenous Peoples and in particular the fundamental proposition of free, prior and informed consent.


On behalf of the board of directors of

First Tellurium Corp.


“Tyrone Docherty”                       

Tyrone Docherty

President and CEO


For further information please contact:

Tyrone Docherty



Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.

Forward-looking information

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements.  These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control.  Readers should not place undue reliance on forward-looking statements.  Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated event.

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