Tarku closes Private Placement and announces New Corporate Secretary

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MONTREAL, March 3, 2023. Tarku Resources Ltd (TSXV: TKU | FRA: 7TK | OTCQB: TRKUF) (the “Company” or “Tarku”) announces that it has closed today a non-brokered private placement (the “Private Placement”) for aggregate gross proceeds of $290,500. This Private Placement is comprised of 4,150,000 units (the “Units”) at a price of $0.07 per Unit. Each Unit is comprised of one common share and one share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of $0.12 per share, for a period of 24 months from the date the Units are issued. Insiders of the Company subscribed for 350,000 units.

All securities issued pursuant to the Private Placement is 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 news 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 proceeds will be used for general working capital purposes. The Private Placement has been conditionally accepted by the TSX Venture Exchange (“TSXV”) on March 1st, 2023. The Company will apply for final acceptance of the TSXV.

Any participation by insiders in the Private Placement would constitute a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). However, the Company expects such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Units subscribed for by the insiders, nor the consideration for the Units paid by such insiders, would exceed 25% of the Company’s market capitalization.

New Corporate Secretary nomination

Moreover, Tarku is pleased to announce the appointment of Michel Lebeuf Jr. as the Company’s new Corporate Secretary, effective March 1, 2023.

Michel Lebeuf Jr. is a member of the Quebec and Canadian bar associations and is a partner in the Business Law Group with Dunton Rainville in Montreal, Quebec. Mr. Lebeuf has extensive experience in corporate and regulatory compliance, securities laws, corporate finance and in merger and acquisition negotiations. He has advised underwriters and issuers in financing transactions, IPOs, direct equity offerings, acquisitions, private investments, and rights offerings, primarily on the CSE and TSXV exchanges. Michel’s experience extends across a variety of sectors, including, blockchain markets, mining, telecommunications, biotech, cannabis, real estate, structured products, retail and fintech. Mr. Lebeuf is a member of the Canadian Securities Exchange Think Tank and holds a Bachelor of Political Science and a Bachelor of Civil Law from the University of Montreal.

Stock option grant rectification

The Company wishes to rectify the expiration date of the options announced in its press release dated March 1st, 2023. If not exercised, they will expire on March 1st, 2028, subject to earlier expiration in accordance with the stock option plan and the applicable policies of the TSX Venture Exchange.

About Tarku

Tarku Resources Ltd. (TSXV: TKU | FRA: 7TK | OTCBQ: TRKUF) is a mining exploration company focused on advancing the development of new discoveries by using modern techniques in favourable mining jurisdictions such as Quebec and Arizona.

In Arizona, within the famous Tombstone District, Tarku owns 100% of the 29 km2 Silver Strike project. Silver Strike has been interpreted by management to have the potential for similar Carbonate Replacement Deposits (CRD) comparable to the Hermosa project, located 80 km west in Santa Cruz County, Arizona, which South32 acquired for USD 1.8 billion in 2018.

In Quebec, Tarku owns 100% of the “Three A’s” exploration projects, (Apollo, Admiral and Atlas projects), in the Matagami Greenstone Belt, interpreted by management as the eastern extension of the Detour Belt, which has seen recent exploration successes by Midland Exploration, Wallbridge Mining Company and Probe Metals. In addition, the Company owns the MAX Lithium project, located 4 km southwest of Sayona Mining’s North American Lithium mine.

On behalf of Tarku Resources Ltd

Julien Davy,

President and CEO

Tarku Contact Information:
Email: 
Website: www.tarkuresources.com

Please follow @TarkuResources on LinkedInFacebookTwitter and Instagram.

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.

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Tarku acquires 100% of the MAX Lithium property

private placementDownload PDF version   |   View all documents on Sedar

  • MAX Lithium property located in same batholith and geology as and just 4 km southwest of the North American Lithium mine, the only operating lithium mine in Quebec

  • 19 km2 property with road access, surrounded by spodumene-rich pegmatite showings and hosting several outcrops with as-yet untested potential

  • Exploration program to commence soon, and will include detailed mapping and sampling to prepare next drill targets

MONTREAL, March 1, 2023. Tarku Resources Ltd (TSXV: TKU | FRA: 7TK | OTCQB: TRKUF) (the “Company” or “Tarku”) is pleased to announce the acquisition of a 100% interest in 28 claims (19.25 km2) forming the MAX Lithium property from prospectors (the “Vendors”). The property is located in Quebec, Canada, 45 km north of Val-d’Or and 4 km southwest of Sayona Mining’s North American Lithium mine (proven reserves of 1.2 million tonnes grading 0.92% Li2O and probable reserves 28 million tonnes grading 0.96% Li2O (source: company press release dated May 23, 2022)).

Julien Davy, President and CEO of Tarku Resources, said: “This agreement presents a significant new opportunity for Tarku shareholders in the growing global lithium market. Quebec is a haven for high-grade, high-quality lithium, and this project has the advantage of being located on the same batholith and geological context as the only producing lithium mine in Quebec, with spodumene-rich pegmatite showings surrounding the property. The other interesting fact about this property is that it seems to have been overlooked by past explorers, despite its prime location. We intend to do aggressive exploration and drill the project as soon as possible.”

“This new lithium project is also a good complement to our portfolio of quality gold and silver assets in Quebec and Arizona, where we’ll continue to be very active this year, and fits with Tarku’s established exploration strategy of exploring in overlooked, easily accessible areas with strong geological potential in safe jurisdictions,” added Mr. Davy.

Summary of the transaction to acquire the MAX Lithium property

Tarku can earn a 100% interest in the MAX Lithium property by issuing 4 million common shares of the Company (including escrow provisions to release one quarter of the shares in 4 months, one quarter in 8 months, one quarter in 12 months and the final quarter in 16 months). The Company will file all requisite documents with the TSX Venture Exchange (the “TSXV”) in connection with this transaction in order to obtain final acceptance.

Location of the Max Lithium property

Figure 1: Location of Tarku’s MAX Lithium property within the La Corne batholith at 4 km from North American Lithium’s operations

Update on other key projects

The Company also remains active on its other key projects.

On its wholly-owned Silver Strike project in Arizona, Tarku conducted a geophysical survey in 2022 and is now finalizing the planning of its 2023 exploration program, which will include surface mapping over the new targets generated, and potential drill program depending on market conditions. The MAG data from the 2022 survey was the first recent geophysical data for the area and has been used successfully in the discovery of carbonate replacement deposits (CRD), Tarku’s target at Silver Strike.

In Quebec, on its wholly-owned Apollo Gold project, Tarku has completed a maiden 3,048-metre drilling program over the extension of the Sunday Lake fault. Visual inspection of the core reveals both intensive hydrothermal alterations, similar in style to orogenic gold deposits, and magmatic alterations, including hematization, carbonatization and sericitization associated with fine-grained disseminated pyrite, pyrrhotite, sphalerite and copper observed over intervals up to 45 metres thick. Assay results are still pending but are expected very soon.

Financing announcement

Tarku also announces that it is undertaking a non-brokered private placement of units of up to $280,000.

Pursuant to the placement of units, Tarku is offering up to 4,000,000 units (the “Units”) at a price of $0.07 per Unit. Each Unit consists of one common share and one share purchase warrant entitling the holder to acquire one additional common share in the capital of the Company at a price of $0.12 per share, for a period of 24 months from the date the Units are issued. The proceeds of the financing will be used for general working capital purposes.

The Company will file all requisite documents with the TSX Venture Exchange in connection with this transaction in order to obtain final acceptance.

Stock option grant

The board of directors has approved the grant of 3,440,000 stock options pursuant to the Company’s stock option plan. The options were granted to directors, officers and consultants of the Company and are exercisable at a price of $0.10 per share. If not exercised, they will expire on February 28, 2027, subject to earlier expiration in accordance with the stock option plan and the applicable policies of the TSX Venture Exchange.

Qualified persons

Julien Davy, P.Geo., M.Sc, MBA, President and Chief Executive Officer of Tarku, a qualified person under National Instrument 43-101 on standards of disclosure for mineral projects, has prepared, supervised and approved the technical information in this news release.

About Tarku

Tarku Resources Ltd. (TSXV: TKU | FRA: 7TK | OTCBQ: TRKUF) is a mining exploration company focused on advancing the development of new discoveries by using modern techniques in favourable mining jurisdictions such as Quebec and Arizona.

In Arizona, within the famous Tombstone District, Tarku owns 100% of the 29 km2 Silver Strike project. Silver Strike has been interpreted by management to have the potential for similar Carbonate Replacement Deposits (CRD) comparable to the Hermosa project, located 80 km west in Santa Cruz County, Arizona, which South32 acquired for USD 1.8 billion in 2018.

In Quebec, Tarku owns 100% of the “Three A’s” exploration projects, (Apollo, Admiral and Atlas projects), in the Matagami Greenstone Belt, interpreted by management as the eastern extension of the Detour Belt, which has seen recent exploration successes by Midland Exploration, Wallbridge Mining Company and Probe Metals. In addition, the Company owns the MAX Lithium project, located 4 km southwest of Sayona Mining’s North American Lithium mine.

On behalf of Tarku Resources Ltd

Julien Davy,

President and CEO

Tarku Contact Information:
Email: 
Website: www.tarkuresources.com

Please follow @TarkuResources on LinkedInFacebookTwitter and Instagram.

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.

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