Tarku Announces Private Placement

Rhea-AI Summary

Tarku Resources Ltd (OTCQB: TRKUF) announced a non-brokered private placement of up to 13,750,000 units at $0.04 per unit, aiming for gross proceeds of $550,000. Each unit comprises one common share and one warrant, allowing the purchase of an additional share at $0.08 for 36 months. Proceeds will be directed towards general working capital, with no finder’s fees paid. The securities are not registered in the U.S. Tarku focuses on exploration projects in favorable mining jurisdictions.

Positive

• The private placement aims to raise up to $550,000 for general working capital.
• Each unit includes a warrant for future share acquisition at $0.08, potentially increasing investor returns.
• Tarku's exploration projects, such as the Silver Strike Project, have significant potential, indicated by comparisons to larger projects.

Negative

• The private placement may lead to shareholder dilution as new shares are issued.
• The securities are not registered under U.S. laws, limiting potential investor access.

MONTREAL, QC / ACCESSWIRE / December 15, 2022 / Tarku Resources Ltd (TSX-V:TKU)(FRA:7TK)(OTCQB:TRKUF) (the "Company" or "Tarku") announces that, subject to required approvals from regulatory authorities, more specifically the TSX Venture Exchange (the "TSXV"), Tarku is proceeding with a non-brokered private placement (the "Private Placement") of up to 13,750,000 units (the "Units") at a price of $0.04 per Unit for gross proceeds of up to $550,000. 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.

The Company plans to allocate the gross proceeds of the Private Placement to general working capital. Further, the Company will not allocate any of the proceeds to Persons conducting Investor Relations Activities as defined in the policies of the TSXV.

The Company will not pay any finder's fees on a portion of the Private Placement in accordance with applicable securities laws and the policies of the TSXV.

The Private Placement securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

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 started a drill program of a minimum of 3,000-meter.

On behalf of Tarku Resources Ltd

Julien Davy,

President and CEO

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

Please follow @TarkuResources on LinkedIn, Facebook, Twitter 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.

SOURCE: Tarku Resources ltd

View source version on accesswire.com:
https://www.accesswire.com/731981/Tarku-Announces-Private-Placement

FAQ

What is the purpose of Tarku's private placement announced on December 15, 2022?

Tarku's private placement aims to raise up to $550,000 for general working capital.

What is the price and structure of the units in Tarku's private placement?

Each unit is priced at $0.04 and consists of one common share and one warrant.

What are the potential future benefits of the warrants included in Tarku's private placement?

The warrants allow holders to purchase additional shares at $0.08 for 36 months, potentially enhancing returns.

What risks are associated with Tarku's private placement for current shareholders?

The issuance of new shares may dilute existing shareholders' equity.

Where are Tarku's exploration projects located?

Tarku's projects are located in Quebec and Arizona, particularly in the Matagami Greenstone Belt and Tombstone District.