Tajiri Resources Corp. (TSX-V: TAJ) is pleased to announce that, subject to TSX Venture Exchange approval, it will close the first-tranche of a non-brokered private placement originally announced June 16th, 2018. The offering resulted in proceeds to the Company of $1,939,482 through the issuance of 13,853,443 units. Each unit was priced at $0.14 and consisted of one common share and one transferable common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at $0.24 for 36 months from the closing date, subject to an accelerated expiry if the closing price of the Company’s common shares is equal to or greater than $0.50 per share for ten consecutive trading days. The Company will give notice to the warrant holders of the Acceleration Event (which notice may be by way of general news release) and reduce the remaining exercise period of the warrants to not less than 30 days following the date of such notice. The Company paid fees of $122,607.23 on a portion of the offering and, one insider of the Company participated in the placement subscribing for a total of 3,900,000 units (Please see accompanying news from Javelin Minerals Ltd and early warning report to be filed on the Company’s SEDAR page.)
Proceeds from the offering will be used for project related expenses at the recently acquired Reo Gold Project Burkina Faso, West Africa, including license renewal and relating costs as well as initial exploration and general working capital. The Company will now commence a systematic review of all historical exploration data completed at Reo by Middle Island and Newmont Mining to assist in guiding the direction of the next exploration phase. Tajiri’s maiden exploration program is still in the early stages of planning but is expected to include trenching followed by RC and diamond core drilling at both Morley and K4/K5.
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We acknowledge the [financial] support of the Government of Canada.