MONTREAL, Oct. 26, 2020 /CNW/ - Tarku Resources Ltd
(TSXV: TKU) (the "Company" or "Tarku") ") is pleased to announce
that it is undertaking a non-brokered private placements of units
(the "Offering"), for a maximum of $2,500,000.
Pursuant to the placement of units, Tarku is offering a maximum
of 25,000,000 units at a price of $0.10 per unit, for a maximum of $2,500,000. Each unit consists of one common
share and one-half common share purchase warrant (a "Warrant").
Each Warrant entitles the holder to acquire one common share at a
price of $0.15 per common share for a
period of 24 months after the closing.
The Company will use the proceeds of the Offering for purposes
of working capital and to maintain and preserve its existing
operations and assets and for exploration expenditures on its
current properties.
Subject to compliance with applicable securities laws and the
approval of the TSX Venture Exchange (the "TSX-V"), cash finders'
fees may be payable to eligible persons with respect to
subscriptions accepted by the Company. It is anticipated that
certain insiders may participate in the Offering. All the
securities sold under the Offering (including any common shares
issuable upon exercise of the common share purchase warrants) will
be subject to a four month and a day hold period following the
closing.
The securities offered in the Offering have not been, and will
not be, registered under the U.S. Securities Act of 1993, as
amended ( the "U.S. Securities Act") or any U.S. state securities
laws, and may not be offered or sold in the United States or to, for the account or
benefit of, United States persons
absent such registration or any applicable exemption from such
registration requirements. This press release does not constitute
an offer to sell or a solicitation of an offer to buy securities
nor shall there be any sale of the securities referenced herein in
any state or other jurisdiction in which such offer, solicitation
or sale is not permitted. The Offering is subject to certain
conditions including, but not limited to, the receipt of all
applicable regulatory approvals including approval of the
TSX-V.
About Tarku Resources Ltd. (TSX.V : TKU)
Tarku is an exploration company focused on making new
discoveries in favourable mining jurisdictions. In Quebec, Tarku owns 100% on the "Three
A's" exploration projects, (Apollo, Admiral and Atlas
Projects), in the Matagami
greenstone belt, which has been interpreted by management as the
eastern extension of the Detour Belt, and which has seen recent
exploration successes by Midland Exploration Inc., Wallbridge
Mining Company Ltd., Probe Metals Inc. In Arizona, Tarku owns the option to acquire 75%
over 3 year on the Silver Tombstone project.
Tarku has a tightly held capital structure with 28,074,036
outstanding shares, of which approximately 80% are owned by 20
insiders and major shareholders.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release may contain forward-looking statements
that are subject to known and unknown risks and uncertainties that
could cause actual results and activities to vary materially from
targeted results and planning. Such risks and uncertainties include
those described in Tarku's periodic reports including the annual
report or in the filings made by Tarku from time to time with
securities regulatory authorities.
SOURCE Tarku Resources Ltd.