Tarku Closes $740,000 Private Placement Financing and Will Start Drilling on Apollo, Quebec

Rhea-AI Summary

Tarku Resources Ltd (OTCQB: TRKUF) closed a $740,000 non-brokered private placement on September 9, 2022, issuing 7,400,000 Flow-Through Shares at $0.10 each. The proceeds will fund the Gold Apollo project in Quebec, which is part of the 100%-owned 3As project. The TSX Venture Exchange conditionally accepted the placement on August 24, 2022. Tarku plans a 3,000-meter drill program in fall 2022 targeting the Rivière Waswanipi Shear Zone. Finder’s fees totaled $44,400 and included warrants for additional shares.

Positive

• Closed a non-brokered private placement for $740,000.
• Net proceeds will fund the promising Gold Apollo project.
• High-priority drill targets identified for upcoming drill program.
• Planning a 3,000-meter drill program in fall 2022.

Negative

• None.

MONTREAL, QC / ACCESSWIRE / September 9, 2022 / Tarku Resources Ltd (TSXV:TKU - FRA:7TK - OTCQB:TRKUF) (the "Company" or "Tarku") announces that it has closed on September 9, 2022, a non-brokered private placement (the "Private Placement") for aggregate gross proceeds of $740,000. This Private Placement is comprised of 7,400,000 Flow-Through Shares of the Company at a price of $0.10 per share.

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 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 7% of aggregate proceeds from the sale of Units sourced by the finder totaling $44,400, as well as finder's warrants (the "Finder's Warrants") in an amount of 434,000 which is equal to 7% of the aggregate number of Units sourced by the finder pursuant to the Private Placement. Each Finder's Warrant is exercisable to purchase one Common Share at an exercise price of $0.15 until September 9, 2024.

The net proceeds of the Private Placement will be used to fund the Company's Gold Apollo project in Quebec. The Private Placement has been conditionally accepted by the TSX Venture Exchange on August 24, 2022.

About the Apollo project

The Apollo Project is part of the 100%-owned by Tarku 3As project (Apollo, Atlas, Admiral) and is located adjacent and to the north of its Atlas Project. It consists of 69 claims (3,775 ha) centred on the Rivière Waswanipi ductile shear zone. Last IP survey conducted during last winter, allows Tarku to refine and generate high-priority drill targets, over the priority area of the Rivière Waswanipi Shear Zone, which Tarku interprets as being the east extension the regional Sunday Lake Fault, host of the Detour Lake Gold Mine or the Kirkland Lake Gold Mining Camp.

Those high-priority drill targets will be the host of Tarku next drill program, starting October 2022.

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 is planning a minimum of 3,000-meter drill program during the fall 2022 period.

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/715432/Tarku-Closes-740000-Private-Placement-Financing-and-Will-Start-Drilling-on-Apollo-Quebec

FAQ

What is the recent private placement announced by Tarku Resources (TRKUF)?

Tarku Resources announced a non-brokered private placement on September 9, 2022, raising $740,000 by issuing 7,400,000 Flow-Through Shares at $0.10 each.

How will Tarku use the proceeds from the private placement?

The proceeds will be used to fund Tarku's Gold Apollo project in Quebec.

When is Tarku planning to start its drilling program?

Tarku plans to start a 3,000-meter drill program in the fall of 2022.

What are the terms of the finder's fees related to the private placement?

Tarku paid finder's fees totaling $44,400 and issued finder’s warrants equal to 7% of the aggregate number of units sourced.

Has the private placement been accepted by the TSX Venture Exchange?

Yes, the private placement was conditionally accepted by the TSX Venture Exchange on August 24, 2022.