Tarku Closes $2.5 Million financing to advance Exploration in Tombstone, Arizona Including a Lead Investment by Eric Sprott

 
 

Tarku Resources Ltd (TSX-V: TKU) (the "Company" or "Tarku") is pleased to announce that it has closed its previously announced non-brokered private placement of gross proceeds of $2,500,000 (the "Offering").

 

The Company issued 25,000,000 units (each a "Unit") at $0.10 per Unit for total gross proceeds of $2,500,000 . Each Unit consists of one common share in the capital of the Company (a "Common Share") and one-half (1/2) of one common share purchase warrant (each whole common share purchase share a "Warrant") of the Company. Each whole Warrant is exercisable to acquire one Common Share (a "Warrant Share") at an exercise price of $0.15 until October 30, 2022 . The net proceeds raised through the issue of Units will be to advance the Company's exploration properties and for general working capital purposes.

 

All securities issued pursuant to the Private Placement with be legended with a hold period of four (4) months and one day from the date of issuance. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

 

The Company paid finder's fees in a cash commission equal to 7% of aggregate proceeds from the sale of Units sourced by the finder totaling $150,904.69 , as well as finder's warrants (the "Finder's Warrants") in an amount of 1,312,500 which is equal to 7% of the aggregate number of Units sourced by the finder pursuant to the Private Placement.  Each Finder's Warrant is exercisable to purchase one Common Share at an exercise price of $0.15 until October 30, 2022 .

 

  Strategic Investment by Eric Sprott   

 

  Eric Sprott , through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired 10,550,000 Units pursuant to the Private Placement for $1,055,000 . Prior to the Private Placement, Mr. Sprott did not beneficially own or control any securities of the Company. As a result of the Private Placement, Mr. Sprott beneficially owns and controls 10,550,000 Common Shares of the Company and 5,275,000 Warrants representing approximately 19.9% of the issued and outstanding Common Shares of Tarku on a non-diluted basis and 27.1% on a partially diluted basis.

 

Mr. Sprott has undertaken that the Warrants acquired by 2176423 will only be exercised to the extent that the Warrant Shares issued upon such exercise would not result in him becoming a "Control Person" (as such term is defined in the policies of the TSX Venture Exchange ("TSXV") of the Company, unless prior approval of the TSXV and disinterested shareholders (excluding the votes of 2176423 Ontario Ltd. and its "Associates" and "Affiliates", as those terms are defined by the TSXV) has been received. The Company has undertaken to bring and support the matter before the next Special Meeting of shareholders which is anticipated to be convened in January 2021.

 

The Units were acquired by Mr. Sprott, through 2176423 Ontario Ltd. for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

 

A copy of 2176423 Ontario Ltd.'s early warning report will appear on the Company's profile on SEDAR and may also be obtained by calling (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

 

  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% on 20km2 in the Silver Mining District of Tombstone .

 

Website: www.tarkuresources.com  
LinkedIn: https://www.linkedin.com/company/11151575/  
Facebook: https://www.facebook.com/tarkuresources/  
Twitter: https://twitter.com/TarkuResources  

 

  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.

 
 

News Provided by Canada Newswire via QuoteMedia

The Conversation (0)
Gold bars with text: "5 Top Canadian Mining Stocks This Week."

Top 5 Canadian Mining Stocks This Week: Avanti Gold Gains 158 Percent on Misisi Settlement

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.

Statistics Canada released its June Labour Force Survey on Friday (July 11). The data indicated that 83,000 new jobs were added to the workforce, led by 34,000 new employees in the wholesale and retail trade category and a 17,000 worker rise in the healthcare and social assistance category.

In other positive news for the Canadian job market, the overall employment rate rose by 0.1 percent to 60.9 percent, while the unemployment rate declined by 0.1 percent to 6.9 percent.

Keep reading...Show less
Gold bar on nuggets with "5 Top Australian Mining Stocks" text overlay.

Top 5 Australian Mining Stocks This Week: Yandal Shares Double on Arrakis Drilling Results

Welcome to the Investing News Network's weekly round-up of Australia’s top-performing mining stocks on the ASX, starting with news in Australia's resource sector.

This week's top-performing stocks list is dominated by oil and gas companies, alongside gold and lithium companies.

In Australian mining news, the Fair Work Commission ruled that BHP (ASX:BHP,NYSE:BHP,LSE:BHP) must raise the wages of 2,200 workers at three coal mines in Queensland. The workers in question were employed indirectly through a hiring firm and were being paid significantly less than their peers working directly under BHP.

The case was brought by two worker's unions and based on the Same Job, Same Pay reforms made by the government last year. To align wages, the FWC ruled BHP must raise the labour hire employees' wages by AU$30,000 each.

Keep reading...Show less
Pilbara region, Western Australia, Australia.

Pilbara 2.0: Inside Australia’s Newest Gold Frontier

The Central Pilbara region of Western Australia is undergoing a quiet revolution that is rapidly reshaping the global gold exploration landscape.

Once dismissed as a technically challenging and geologically inconsistent terrain, Pilbara is now emerging as one of the world’s most exciting new gold frontiers and drawing serious attention from institutional investors, driven by transformative discoveries, a maturing geological model and a wave of junior explorers tapping into underexplored intrusive-hosted systems.

Anchored by the multimillion-ounce Hemi discovery — one of the most significant gold finds in Australia in over a decade — this region is not just proving its geological potential, but also demonstrating the kind of scale, consistency and margin profile that modern gold investors seek. As the discovery window remains wide open and valuations are still accessible, the Central Pilbara presents a rare opportunity for early exposure to what may become one of Australia’s next tier-one gold districts.

Keep reading...Show less
A mining truck within the outline of Australia's map on a clear day.

Is Australia on the Brink of a New Mining Super Cycle?

Mining remains as a cornerstone of Australia’s GDP and export earnings, but current global challenges such as trade disputes and price changes may be straining its foundations.

A recent FocusEconomics report tackled Australia’s resource wealth, tracing from the gold rushes of the 1850s to the iron ore and coal booms of the 21st century.

Keep reading...Show less
Kobo Resources Confirms Additional High-Grade Gold Mineralization at Kossou with 15.5 m at 2.3 g/t Au, incl. 8.3 m at 3.43 g/t Au; Outlines Next Phase of Exploration at Kossou

Kobo Resources Confirms Additional High-Grade Gold Mineralization at Kossou with 15.5 m at 2.3 g/t Au, incl. 8.3 m at 3.43 g/t Au; Outlines Next Phase of Exploration at Kossou

 
  •   High-grade gold intercepts highlighted by 15.5 m at 2.30 g/t Au, incl. 8.3 m at 3.43 g/t Au at the Road Cut Zone  
  •  
  •   Initial drilling on the gap between Jagger and Road Cut Zone confirms target structure, warrants further testing  
  •  
  •   Current drill phase complete; Geological modelling and planning underway for 15,000 m drill program expected to begin in H2 2025  
  •  

 

 Kobo Resources Inc. (" Kobo" or the " Company ") ( TSX.V: KRI ) is pleased to report additional diamond drill results from the Road Cut Zone at its 100%-owned Kossou Gold Project (" Kossou ") in Côte d'Ivoire. Results from these holes continue to strengthen the Company's understanding of the key structural controls that define this prospective target area.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×