Tarku Closes $638,455 Private Placement Financing

Rhea-AI Summary

Tarku Resources Ltd (OTCQB: TRKUF) announced a successful close of a non-brokered private placement on April 13, 2022, generating gross proceeds of $638,455. The placement involved 6,384,550 units priced at $0.10 per share, with each unit accompanied by a warrant to acquire shares at $0.15 for 24 months. Insiders participated by subscribing for 250,000 units. The proceeds will fund Tarku’s Silver Strike Project in Arizona. The private placement is conditionally accepted by the TSX Venture Exchange.

Positive

• Generated gross proceeds of $638,455 from the private placement.
• Insiders subscribed for 250,000 units, indicating trust in the company.
• The funds will primarily support the Silver Strike Project, enhancing exploration potential.

Negative

• The offered securities have a hold period of four months, limiting liquidity for investors.
• Finder's fees amounted to $3,000, reducing net proceeds available for exploration.

MONTREAL, QC / ACCESSWIRE / April 13, 2022 / Tarku Resources Ltd (TSXV:TKU)(FRA:7TK)(OTCQB:TRKUF) (the "Company" or "Tarku") announces that it closed on April 13, 2022, a non-brokered private placement (the "Private Placement") for aggregate gross proceeds of $638,455. The Private Placement was comprised of 6,384,550 units of the Company at a price of $0.10 per share.

Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one common share at a price of $0.15 per common share for a period of twenty-four (24) months ending April 13, 2024. Insiders of the Company subscribed for 250,000 units.

All securities issued pursuant to the Private Placement with be 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 press 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 Company paid finder's fees in a cash commission equal to 2% of aggregate proceeds from the sale of Units sourced by the finder totaling $3,000. The Private Placement has been conditionally accepted by the TSX Venture Exchange.

The net proceeds of the Private Placement will be mainly used to fund the Company's precious metals exploration Silver Strike Project in Arizona.

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, in the famous Tombstone District, Tarku owns 100% of 29 km² of the Silver Strike Project, which has been interpreted by management as similar to what is found at the Hermosa Project, located 80km west in Santa Cruz County, Arizona, which South32 acquired for USD 1.8 billion in 2018. 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, and which has seen recent exploration successes by Midland Exploration Inc., Wallbridge Mining Company Ltd., Probe Metals Inc.

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/697319/Tarku-Closes-638455-Private-Placement-Financing

FAQ

What was the outcome of Tarku Resources' private placement on April 13, 2022?

Tarku Resources closed a private placement raising gross proceeds of $638,455 by issuing 6,384,550 units at $0.10 each.

What will the funds from Tarku Resources' private placement be used for?

The funds will mainly be used to support exploration at the Silver Strike Project in Arizona.

What are the details of the warrants issued in Tarku Resources' private placement?

Each unit includes a warrant allowing the purchase of a common share at $0.15 for 24 months, expiring April 13, 2024.

Did insiders invest in Tarku Resources' private placement?

Yes, insiders subscribed for 250,000 units in the private placement, demonstrating confidence in the company.