Tarku announces private placement
Cranbrook, BC, May 27, 2016: Tarku Resources Ltd. (TSX-V: TKU)("Tarku") announces a private placement by way of a non-brokered offering (the "Offering").
Tarku intends to raise up to $750,000 through the issuance of up to 15,000,000 Non-Flow Through Units ("NFT Units") at a price of $0.05 per NFT Unit. Each NFT Unit will consist of one NFT common share and one NFT share purchase warrant. Each NFT Warrant will entitle the holder to purchase one NFT common share at $0.10 for 24 months from the date of issuance.
The Offering is subject to the acceptance of the TSX-Venture Exchange. The Company may pay finder’s fees in cash and/or securities of the Company in respect of the Offering. All securities issued to purchasers and finders under the Offering will be subject to a four-month hold period from the date of issuance of the securities, pursuant to applicable securities legislation and the policies of the Exchange.
The proceeds of the Offering will be used for the exploration and development of the Company’s
Chateau Fort Property in Quebec, and for general working capital.
About Chateau Fort:
The property is along strike and directly adjacent to the past-producing Eastmain Mine property of Eastmain Resources Inc. (TSX.V: ER), which contains 255,750 ounces of gold and 4.1 million pounds of copper, including measured resources of 91,500 tons grading 0.268 ounces’/ton gold and indicated resources of 786,600 tons grading 0.294 ounces/ton (Campbell Resources, 2004 Annual Report, available on SEDAR at www.sedar.ca ). The Chateau Fort property is 18,867 hectares in size and includes Au, Ag, Cu, Zn and As anomalies from Anthem's geochemical surveys (lake bottom, soil and stream sediments). Compilation work has identified nine high-priority gold targets for follow-up. Numerous geophysical targets including a number of high-priority features have been outlined as a result of the recent interpretation of the 2,100 line-kilometre airborne electromagnetic survey conducted over its road-accessible Chateau Fort project in Quebec. The survey was flown during the summer of 2015 by Prospectair Geosurveys (Prospectair) using the ProspecTEM time-domain electromagnetic system with a line-spacing of 100m.
Tarku Resources Ltd. is an exploration company focused on discovery in the mineral-rich Canadian landscape. The foundation of the company is based on an experienced management team with a track record of success. The goal of Tarku is to provide success for shareholders through the implementation of strategic property acquisition, the use of proven exploration techniques and the exploitation of fertile ground. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the company's properties.
President and CEO
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.