Blaine, WA: Tamerlane Ventures Inc. (TAM: TSX-V) announces today that, subject to regulatory approval, the Company will complete a non-brokered private placement of up to 10,000,000 Units at a subscription price of C$0.35 per Unit for gross proceeds of approximately C$3.5 million. Each Unit will comprise one Common Share and One-Half of One Common Share Purchase Warrant. Each whole Common Share Purchase Warrant will entitle the holder to purchase an additional Common Share at an exercise price of C$0.45 per share for a period of 18 months. The proceeds from the unit offering will be used to fund the feasibility study on the Pine Point Lead-Zinc Project in the Northwest Territories and for general corporate purposes.
For introducing certain investors to the Company, the Company will pay a 5% cash finder’s fee and will issue Units equal to 5% of the number of Units issued to those investors. Each Unit will have the same terms and conditions as the Units mentioned above.
All of the securities issued in this private placement will be subject to a four-month hold period. The transaction is expected to close within the next 45 days.
“Ross F. Burns”
President & CEO
For further information, please contact:
Tom Thomsen, Investor Relations Consultant
Graham Eacott, Vice President, Investor Relations
Phone: (360) 332-4653
Fax: (360) 332-4652
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 and as amended in Section 27E of the 1934 Act.