Tajiri Receives Conditional Approval of Non-Brokered Private Placement, Clarifies Use of Funds
VANCOUVER, BC, Aug. 15, 2023 /CNW/ - Tajiri Resources Corp. (the "Company") (TSXV: TAJ) is reporting that it has received conditional TSX Venture Exchange approval for its previously announced non-brokered private placement of $350,000 through issuance of shares priced at $0.035. It has also received final approval and closed the first tranche of the private placement for proceeds of $136,850 through the issuance of 3.91 million shares. Insider participation totalled 1.6 million shares in the first tranche which constitutes a related party transaction, the Company is protected from certain obligations due to rules under Multilateral Instrument 106 whereas the purchases do not exceed 25 per cent of the market valuation of the company therefore shareholder approval was not required in this case. As the financing is below $0.05 the Company is relying on the minimum pricing exemption provided by the TSX Venture and is providing a brief on the use of proceeds being raised. Approximately US$30,000 will be used for the payment of renewals on certain permits that make up the Company's 100% owned Reo Gold Project in Burkina Faso, West Africa. In addition, a portion will be used to pay the Company's ongoing administrative expenses associated with its operations in the Country. The remainder will be used for ongoing working capital and expenses associated with the continued listing requirements of the Company; none of the funds raised will be used to pay any debt outstanding to placee's participating in the offering or for payment to those engaged in Investor Relations activities. The Company will provide additional updates on the closing of the second and final tranche of the offering.
On Behalf of the Board,
Tajiri Resources Corp.
Graham Keevil,
President & CEO
Tajiri Resources Corp. is a junior gold exploration and development Company with exploration assets located in two of the worlds least explored and highly prospective greenstone belts of Burkina Faso, West Africa and Guyana, South America. Lead by a team of industry professionals with a combined 100 plus years' experience the Company continues to generate shareholder value through exploration.
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.
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.
SOURCE Tajiri Resources Corp.
Tajiri Resources Corp., Graham Keevil, President, CEO, 778-229-9602, [email protected]
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