Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX-V: TAM) announced today that effective December 17, 2009, it has completed an initial closing in respect of its previously announced private placement of units (each a “Unit”), priced at C$0.18 per Unit. Each Unit consists of one common share plus a one half of a $0.25 warrant and one half of a $0.32 warrant, each with an 18 month term. Pursuant to such closing, the Company has issued 5,638,888 Units for total gross proceeds of to C$1,015,000. The proceeds from the offering are being used for general corporate and working capital purposes.
Kingsdale Capital Markets Inc. and Kingsdale Capital Markets (USA) Inc. (collectively, “Kingsdale”) have acted as agent under the private placement. As consideration for its services as agent, Kingsdale has received a cash commission of $56,900 and compensation warrants to acquire 417,778 Units at the exercise price of C$0.18 per Unit, expiring June 17, 2011. All of the securities issued pursuant to the private placement are subject to a four-month hold period, which will expire April 18, 2010.
Ross F. Burns, the President and CEO of the Company, and Cowan McKinney, a director of the Company, participated in the offering, each subscribing for approximately 4.9% (or 277,778) of the Units sold. Mr. Burns and Mr. McKinney currently hold, directly or indirectly, approximately 3.12% and 1.24% of the issued and outstanding common shares of the Company, respectively.
“Tamerlane is pleased to complete this portion of the private placement and looks forward to advancing the Pine Point project.” commented Ross F. Burns, President & CEO of Tamerlane.
The securities referred to in this news release have not been, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
About Tamerlane Ventures Inc.
Tamerlane Ventures Inc. is an exploration and development mining company with advanced base metal development projects in Canada and Peru. The Company is working towards bringing the world-class zinc-lead Pine Point Property back into production in Northwest Territories, Canada, and developing its Los Pinos heap leach copper project in Peru. The Company’s primary focus is the Pine Point Project, which consists of the Pine Point Mine, which was the largest and most profitable base metal mine in Canadian history. Tamerlane controls this project plus a large contiguous property to the west.
On behalf of Tamerlane Ventures Inc.
“Ross F. Burns”
President & CEO
For further investor information, please contact:
Peter A. Ball, Director of Investor Relations
Phone: (360) 332-4653
Toll Free: (877) 284-6535
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.
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.