Blaine, WA: Tamerlane Ventures Inc. (TAM: TSX-V) announces today that, subject to regulatory approval, the Company has closed a non-brokered private placement of 2,877,778 Flow-Through Units at a subscription price of C$0.45 per Flow-Through Unit for gross proceeds of C$1,295,000. Each Unit comprised 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$0.60 per share for a period of 18 months. For introducing certain investors to the Company, the Company paid a 7% cash finder’s fee and issued broker warrants equal to 5% of the number of Units issued to those investors. Each warrant will be exercisable into one Common Share at a price of C$0.60 per share for a period of 18 months.
This financing was previously announced on August 19, 2008 when it was anticipated that the Company would raise up to $2.03 million. Due to market conditions the financing for the anticipated amount was not completed.
All of the securities issued in this private placement will be subject to a four-month hold period.
The proceeds from the Flow-Through Unit Offering will be used to fund additional surface drilling at the Company’s Pine Point Zinc-Lead Project in the Northwest Territories.
“Ross F. Burns”
President & CEO
For further information, please contact:
Brent Jones, Manager of 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.
Caution Concerning Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable securities laws. We use words such as “may”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate” and similar terminology to identify forward-looking information. It is based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in zinc, lead and other resource prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com.