Taranis Announces Exercise of Warrants, Private Placements; Outlines 2024 Exploration Targets
Not for dissemination or distribution in the United States and not for distribution to United States Newswire services ESTES PARK, CO / ACCESSWIRE / May 2, 2024 / Taranis Resources Inc. ("Taranis" or the "Company") (TSXV:TRO)(OTCQB:TNREF) is pleased …
Not for dissemination or distribution in the United States and not for distribution to United States Newswire services
ESTES PARK, CO / ACCESSWIRE / May 2, 2024 / Taranis Resources Inc. ("Taranis" or the "Company") (TSXV:TRO)(OTCQB:TNREF) is pleased to announce efforts that will enable the Company to test for the presence of a porphyry body under the Thor epithermal deposit. This includes the exercise of warrants and terms for a financing that will enable the Company to complete its objectives. Taranis has prepared a geological overview of the 2024 exploration program and it can be found by clicking on the following link: https://www.jjgmining.com/uploads/2/7/0/2/27029932/2024_deep_drilling_ ...
Exercise of Warrants
Taranis recently received $250,000 from the exercise of 1,250,000 share purchase warrants at a price of $0.20 per share. These 1,250,000 shares will be issued shortly.
Financing
Taranis also announces a non-brokered private placement (the "Offering") of up to $1,400,000. The Offering will consist of the sale of:
(a) up to 2,592,592 non-flow-through units (the "NFT Units") at a price of $0.27 per NFT Unit, to raise gross proceeds of up $700,000; and
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(b) up to 2,333,333 flow-through units (the "FT Units") at a price of $0.30 per FT Unit, to raise gross proceeds of up to $700,000.
Each NFT Unit will consist of one common share and one common share purchase warrant (a "NFT Warrant"), with each NFT Warrant to entitle the holder to purchase one additional common share at a price of $0.35 per share for a period of 24 months from closing. Each FT Unit will consist of one flow-through common share and one common share purchase warrant (a "FT Warrant"). Each FT Warrant will entitle the holder to purchase one additional common share at a price of $0.35 for a period of 24 months from closing.
The proceeds from the sale of the FT Units will be used to incur exploration expenses that qualify as Canadian Exploration Expenses to conduct further exploration at Taranis' Thor property in southeastern British Columbia. The proceeds from the sale of the NFT Units will be used for general working capital purposes.
Finders' fees or brokers' commissions may be paid in accordance with TSX Venture Exchange policy. All securities issued as part of the Offering will be subject to a hold period in Canada of four months and one day from the closing of the Offering. The Offering and the payment of any finders' fees or brokers' commissions are subject to TSX Venture Exchange acceptance.