ATAC Resources Ltd. (TSX-V: ATC) announces that it has closed the non-brokered private placement announced on April 19, 2016, consisting of the sale of 5,000,000 flow-through common shares at $0.65 per share, for gross proceeds of $3,250,000.
“All proceeds will be used to finance Phase I of the 2016 exploration program at the Rackla Gold Project and to significantly increase the scope of Phase II exploration, which will be based on favorable Phase I results,” said Graham Downs, President and CEO. “This financing allows ATAC to minimize the use of its $16 million treasury of hard-dollars (non-flow-through dollars). With approximately $19 million now in its treasury, ATAC is well-positioned to substantially advance the newly discovered Orion target and Airstrip anomaly during the 2016 field season.”
2016 Phase I Exploration Objectives:
* RAB drill hole intersections are drilled thicknesses and true widths are unknown.
The placement proceeds of $3,250,000 will be used to incur Canadian Exploration Expenditures as defined in the Income Tax Act (Canada). All expenditures will be incurred by December 31, 2016. All shares issued under the placement will be subject to a four month hold period in Canada expiring on August 23, 2016.
A finder’s fee of 6% of the gross proceeds ($3,185,000) raised by Secutor Capital Management Corp. (“Secutor”), of Toronto, was paid to Secutor.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
ATAC is a Yukon-based exploration company focused on developing Canada’s only Carlin-type gold district at its 100% owned Rackla Gold Project. Recent work on the 1,700 km2 project has resulted in a positive Preliminary Economic Assessment for the Tiger Gold Deposit, drilling of multiple high-grade Carlin-type gold zones and the identification of numerous early-stage gold exploration targets. The Rackla Gold Project has no underlying royalties or third-party interests. ATAC is well financed with approximately $19 million in its treasury.
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