Tajiri Resources Closes Oversubscribed Non-Brokered Private Placement
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.
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.
Tajiri Resources Corp., Graham Keevil, President, CEO, 604-642-0115 or Toll Free [email protected], www.tajirigold.com
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