Tarku Closes $550,000 Private Placement and grants Stock Options
MONTREAL, December 21, 2022. Tarku Resources Ltd (TSX-V: 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 $550,000. This Private Placement is comprised of 13,750,000 units (the “Units”) at a price of $0.04 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 $0.08 per share, for a period of 36 months from the date the Units are issued.
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 December 16, 2022. The Company will apply for final acceptance of the TSXV.
Moreover, the board of directors has approved the grant of 500,000 stock options (“Options”) pursuant to the Company’s Stock Option Plan. The options, which were granted to directors and officers of the Company, are exercisable at a price of $0.10 per share. If not exercised, the Options will expire on December 21, 2027, subject to earlier expiration in accordance with the Stock Option Plan and the applicable policies of the TSXV.
About Tarku Resources Ltd. (TSX.V: TKU – FRA: 7TK – OTCBQ: TRKUF)
Tarku is an exploration company focused on new discoveries 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 protentional for similar CRD Deposits comparable to the Hermosa Project, located 80km west in Santa Cruz County, Arizona, which South32 acquired for USD 1.8 billion in 2018. Tarku is currently planning a surface mapping program, a deep-penetrating and high-resolution geophysical survey over the priority targets, with a minimum of 5,000-meter drill program in the upcoming month.
In Quebec, Tarku owns 100% of the “Three A’s” exploration projects, (Apollo, Admiral and Atlas Projects), in the Matagami Greenstone Belt, which has been interpreted by management as the eastern extension of the Detour Belt. The Detour Belt has seen recent exploration successes by Midland Exploration Inc., Wallbridge Mining Company Ltd., Probe Metals Inc. After the last deep-penetration and high-definition IP geophysical survey over Apollo, Tarku has completed an over than 3,000-meter drill program.
On behalf of Tarku Resources Ltd
President and CEO
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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.