Blaine, WA: Tamerlane Ventures Inc. (TAM: TSX-V) announces today that the Company has closed a non-brokered private placement with MRI Trading AG of 2,500,000 Units at a subscription price of C$0.80 per Unit for gross proceeds of C$2.0 million. Each Unit comprises one Common Share and One-Half of One Common Share Purchase Warrant. Each whole Common Share Purchase Warrant entitles the holder to purchase an additional Common Share at an exercise price of C$1.00 per share for a period of 18 months. The proceeds from the unit offering will be used on the Company’s Pine Point zinc-lead project in the Northwest Territories and for general corporate purposes.
For introducing investors to the Company, the Company paid a 6% cash finder’s fee paid by the issuance of 150,000 Units. Each Unit has the same terms and conditions as the Units mentioned above.
Tamerlane also announced that it is currently in negotiations for a $40 million mezzanine financing facility and a smelter off-take agreement for the Pine Point Project with MRI. These negotiations are part of Tamerlane’s strategy to secure a total financing package for Pine Point on attractive commercial terms. MRI Trading AG is a top-tier trader of concentrates and other non-ferrous raw materials, and is part of the MRI Group of companies, a leading investment and commodities trading group. MRI has a global presence through its offices in Beijing and Shanghai, Santiago de Chile, Lubumbashi, Johannesburg, New Delhi and Brisbane.
All of the securities issued in this private placement will be subject to a four-month hold period.
“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.