VANCOUVER, June 19, 2018
/CNW/ - Tajiri Resources Corp. (the
"Company") (TSX VENTURE: TAJ) reports that subject to
TSX Venture Exchange approval it will raise by way of non-brokered
private placement up to CDN$2,000,000
by issuing 14,285,714 units at a price of $0.14 per unit. Each will consist of one common
share and one common share purchase warrant. Each warrant will
entitle the holder to purchase an additional common share at
CDN$0.25 for a period of 36 months
from the closing date; provided that in the event the
closing price of the Issuer's common shares on the Exchange is
equal to greater than $0.50 per share
for ten consecutive trading days at any time following four months
after the date of Closing, the Issuer may, by notice to the Warrant
holders (which notice may be by way of general news release),
reduce the remaining exercise period of the Warrants to not less
than 30 days following the date of such notice.
The certificates representing the Warrants will, among other
things, include provisions for the appropriate adjustment in the
class, number and price of the Warrant Shares issued on exercise of
the Warrants upon the occurrence of certain events, including any
subsequent subdivision, consolidation or reclassification of the
Issuer's common shares, the payment of stock dividends and the
amalgamation of the Issuer.4
Warrants may not be exercised if to do so would cause the
Subscriber to become a control person of the Issuer (holding 20% or
more of the outstanding voting Shares of the Issuer), until the
shareholders of the Issuer approve of such change of control at a
duly called meeting of shareholders; and the Warrant certificates
will contain language to such effect. Fee's may be paid on portions
of the offering in the amount of 8% or as individually negotiated
between the placing agent and the Company.
The funds raised through the placement will be used for
exploration and development work at the recently acquired Reo Gold
Project, Burkina Faso,
West Africa, and related corporate
expenses including working capital and administration. The Company
hopes to close the offering as soon as possible and begin planning
for exploration efforts to begin. In the same fashion. The plan,
though preliminary in nature, is to begin with additional trenching
at the K4/K5 zone, as well as, on the lesser defined Morley prospect, where historical results have
typically returned higher-grade mineralization generalized by hole
MRRC001 which assayed 17 metres of 36.4 g/t Au from 2 metres.
Following the trenching, several thousand metres of RC and
Diamond Drilling would be undertaken
on previously untested deep targets at K4/K5, as well as step out
drilling at both Morley and K4/K5
to grow the existing mineralized footprint of the two most advanced
targets within the Reo licenses. The overall goal will be to
illustrate improved size and grade potential for K4/K5 and further
define the size potential at the Morley prospect, with success the Company will
have immediately provided clear enhancement to the economic
potential of the Reo project and paved the way for a targeted
resource defining drill effort.
On Behalf of the Board,
Tajiri Resources Corp.
Graham Keevil,
President, CEO
Neither the 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 news release may contain forward-looking statements
based on assumptions and judgments of management regarding future
events or results. Such statements are subject to a variety of
risks and uncertainties which could cause actual events or results
to differ materially from those reflected in the forward-looking
statements. The Company disclaims any intention or obligation to
revise or update such statements.
SOURCE Tajiri Resources Corp.