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Tamerlane Ventures Inc Closes $1.7 Million Initial Tranche of Equity Financing


Thursday, 24 Jan 2013 12:14pm EST 

Tamerlane Ventures Inc Charlwood announced on January 7, 2013. In connection with this closing, Company issued 27,500,000 shares to Charlwood, together with 13,750,000 common share purchase warrants, each common share purchase warrant entitling the holder to purchase a common share of Company at an exercise price of CAD0.11 per share for a period of 24 months. Company realized proceeds of $1,698,841.70 from the initial closing, at a subscription price of CAD0.0618 per unit, each unit comprising one common share and one-half of one common share purchase warrant. All of the securities issued under this private placement are subject to a four-month hold period. Charlwood did not previously own any shares in Company. As a result of the closing of the initial tranche, he now holds 19.99% of the issued and outstanding Tamerlane Common shares. Charlwood has advised Company that he has acquired the shares for investment purposes. The proceeds from the private placements and the 12-month loan extension will enable Company to carry on with various strategic, operational and exploration initiatives currently under way aimed at growing Company and enhancing shareholder value. Tamerlane is seeking to secure a project financing for Tamerlane's Pine Point Project and to monetize other Company assets, in particular the Los Pinos Copper Project in Peru. In addition, the flow-through financing will fund exploration programs at Company's projects located in Canada's Northwest Territories. 

Company Quote

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30 Jan 2014