Tamerlane Closes $500,000 Flow-Through Private Placement with MineralFields Group
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Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX-V: TAM) announces that further to its press release dated December 28, 2009, it has closed the flow-through non-brokered private placement, and has issued 2,380,950 flow-through Units ("FT Unit") at a purchase price of $0.21 per FT Unit for gross proceeds of $500,000. Each FT Unit consists of one flow-through common share of the Company and one-half of one common share purchase warrant with a term of 18 months from the date of closing. Each whole warrant will entitle the holder to acquire one additional non-flow-through common share of the Company at an exercise price of $0.40.
Tamerlane has paid a cash finder's fee of $30,000 to the MineralFields Group and has issued 190,476 finder’s options to the MineralFields Group. Each finder’s option is exercisable for non-flow-through units on terms similar to the FT Units. All securities issued under this private placement will be subject to a four-month hold period.
The proceeds of the private placement will be used for the immediate commencement of surface drilling and exploration to upgrade resources at the Company’s Pine Point zinc-lead property in the Northwest Territories, Canada.
“We are very pleased with this financing with the MineralFields Group,” said Ross F. Burns, President and CEO of Tamerlane, “With the financings that we have completed during the last month, the Company now has the necessary cash in its treasury to advance the Pine Point project to the next step.”
About MineralFields, Pathway and First Canadian Securities ®
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.
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.