TMAC Resources Inc. (TSX:TMR) has completed a private placement of 827,206 flow-through common shares of TMAC at a price of $10.88 per Flow-Through Common Share for gross proceeds of $9,000,000.
The gross proceeds from the sale of the Flow-Through Common Shares will be used for expenditures which qualify as Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)) for diamond drilling on the Company’s highly prospective Naartok/Madrid North deposit area eight kilometres south of Doris Mine, as well as for completing the airborne geophysical surveys that were initiated in 2015. The diamond drill program is designed to de-risk and potentially add high grade gold mineral resources to the current Madrid inventory, the next mining area the Company anticipates it will develop, whereas the geophysical surveys will continue to advance TMAC’s understanding of the Hope Bay region for longer range strategic exploration targeting purposes. The Company will renounce such CEE with an effective date of no later than December 31, 2016.
ABOUT TMAC RESOURCES
TMAC Resources Inc. holds a 100% interest in the Hope Bay Project located in Nunavut, Canada. TMAC is a fully financed, gold development company. During 2015, TMAC significantly de-risked the Hope Bay Project financially by securing equity and debt financing for gross proceeds of over $365 million providing full funding for the Company to achieve its Path to Production plan, beginning with the Doris Mine, by the end of 2016. The Company has a board of directors with depth of experience and market credibility and an exploration and development team with an extensive track record of developing high grade, profitable underground mines.
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