Tarku’s private placement extended
Cranbrook, BC, June 17, 2015: Tarku Resources Ltd. (TSX-V: TKU)("Tarku") announces that an extension has been granted by the TSX.V on the current non-brokered private placement offering (the "Offering"). The closing date will be July 4th. Tarku intends to issue up to approximately 6,000,000 Units to raise gross proceeds of up to $500,000.
On June 3, 2015 Tarku closed the first tranche of the private placement for a total of $219,450. 671,667 flow-through units (the "FT Units") at a price of $0.09 per FT Unit have been issued for gross proceeds of $60,450 and 1,987,500 non flow-through units (the “NFT Units”) at a price of $0.08 per NFT Unit have been issued for gross proceeds of $159,000 (the "Offering").(see press release TKU-PR June 3, 2015).
Tarku intends to raise up to $500,000 as follows: $250,000 through the issuance of up to 2,777,777 Flow Through Units ("FT Units") at a price of $0.09 per FT Unit. Each FT Unit will consist of one FT common share and one share purchase warrant. Each Warrant shall be exercisable to acquire one additional Non-Flow Through common share until that date which is two years from Closing at an exercise price of $0.20. In addition Tarku intends to raise up to a further $250,000 through the issuance of 3,125,000 Non-Flow Through Units ("NFT Units") at a price of $0.08 per NFT Unit. Each NFT Unit will consist of one common share one and share purchase warrant. Each Warrant shall be exercisable to acquire one additional Non-Flow Through common share until that date which is two years from Closing at an exercise price of $0.20. Both warrants will be subject to an accelerator clause whereby the Company may require exercise of the Warrant if the Company’s stock price trades at or above a volume weighted average of $0.25 for a period of more than 10 consecutive trading days (the “Acceleration Event”). The Warrants, if unexercised after the Acceleration Event, will expire upon 30 days from the date of notice in writing to the Warrant holder by way of issuing a news release.
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. Tarku has recently obtained the option from Anthem Resources to earn a 100% interest (less NSR) in the Chateau Fort property by issuing 8M shares and making $100,000 in cash payments over 4 years (see TKU news release Mar 24th, 2015).
Chateau Fort Property, Quebec
Chateau Fort adjoins the “167” property held by Visible Gold Mines Inc. In late 2014, Visible Gold announced the discovery of high-grade Au-Cu-Ag boulders at Km 147 and KM 150 along the
newly constructed Route 167 Extension, a 4-season road providing direct access to the region. The property is also along strike and directly adjacent to the past-producing Eastmain Mine of Eastmain’s Ruby Hill project as well as directly south of their Lac Lessard Property. Eastmain plans a work program of $1 million and $500k respectively on those properties which will include an extensive drill program at each (PR- eastmain.com January 27).
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. Tarku plans a $230,000 airborne EM survey in spring of 2015 and follow-up ground work later in the year in order to identify possible drill targets.
Visible Gold has reported assays of up to 63.83 g.t Au, 62.6 g/t Ag, 2,.63% Cu and 4.62% Zn in 11 boulders at Km 150, and up to 142.8 g/t Au, 22.2 g/t Ag and 0.61% Cu in boulders at Km 147. Mineralized boulders are reported to be angular and magnetic with “alteration minerals and semi-massive to massive sulphides”. The rocks have the appearance of banded mafic/felsic volcanics with sulphides and quartz layers, based on photos on the VGD website. It is likely that they are sourced from the NNE, based on the regional ice direction indicators.
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.
The technical information in this news release has been reviewed by Antoine Cloutier, P.Geo, a qualified person as defined by National Instrument 43-101.
On behalf of the Board of Directors,
TARKU RESOURCES LTD.
Per: "Bernie Kennedy"
Bernie Kennedy, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements The information in this press release includes certain "forward-looking statements". All statements, other than statements of historical fact, included herein including, without limitation, plans for and intentions with respect to the company's properties, strategic alternatives, quantity of resources or reserves, timing of permitting, construction and production and other milestones, are forward looking statements. Statements concerning Mineral Reserves and Mineral Resources are also forward-looking statements in that they reflect an assessment, based on certain assumptions, of the mineralization that would be encountered and mining results if the project were developed and mined in the
manner described. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from TKU's expectations include the uncertainties involving the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological testing and the estimation of reserves and resources; the need for cooperation of government agencies and First Nations groups in the exploration, and development of properties; and the need to obtain permits and governmental approval. TKU's forward looking statements reflect the beliefs, opinions and projections of management on the date the statements are made. TKU assumes no obligation to update the forward looking statements if management's beliefs, opinions, projections, or other factors should change.