VANCOUVER, BC, Aug. 19, 2020 /CNW/ - Tajiri Resources
Corp. (the "Company") (TSXV: TAJ) is
pleased to report that subject to the final approval of the
TSX Venture Exchange it will close a non-brokered private placement
originally announced June 22nd, 2020.
The initial $1.5 million offering was
oversubscribed with gross proceeds now totaling $3,159,945.15 through the issuance of
21,066,301 units in the capital of the Company.
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Each $0.15 unit was composed
of one common share, and one common share purchase warrant. The
warrants are exercisable at $0.30 for
24 months from the closing date, and carry an acceleration facility
- whereby should the Company's shares trade at or above the volume
weighted average price of $0.50 for
15 consecutive trading days – the Company by way of normal press
release may call the warrants due within thirty days of such an
announcement. Additionally, insider participation included
Graham Keevil (President/CEO) for
$19,500, Bilal Bhamji (CFO) for $15,000 and Javeline Minerals Ltd. (Dominic O'Sullivan, Executive Chairman) for
$75,000. Total insider
participation in the offering amounted to $109,500. All Insiders made their investments
solely for that purpose and may increase or decrease these
positions at any time.
Fees were paid to qualified finders on a portion of the offer in
the amount of $173,379.00 cash and
1,156,397 finders warrants. All warrants to be issued to finders
are governed under the same terms as those of the placement units,
including the capacity to be called should the acceleration pricing
provision be triggered.
Graham Keevil, President of
Tajiri Resources noted "We are excited to have closed this offering
in short order and with demand being such that we regrettably will
have to follow up with certain parties later. However, we look
forward to getting back to what the Company is truly all about,
creating value via exploration of potentially world class gold
deposits. With our groups extensive technical expertise and,
management's ability to not only identify tier one gold assets, but
actually go out and acquire them, we expect exciting times
ahead."
Funds from the placement will be used to further exploration and
development work across the Company's gold project portfolio,
potential acquisitions, and for general working capital.
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.