True Gold Mining Inc. (TSX VENTURE:TGM) is pleased to announce that the Company will conduct a C$10-million non-brokered private placement with Teck Resources Limited (TSX; TCK.A and TCK.B; NYSE: TCK).
Teck plans to subscribe for 30,303,030 common shares of True Gold at a price per Share of $0.33. Teck currently holds 1,750,000 Shares. Upon closing of the Placement, Teck will become the Company’s largest shareholder with 32,053,030 Shares, representing approximately 15% of shares outstanding.
Proceeds of the Placement will be used to accelerate exploration at True Gold’s Karma Gold Project and the Liguidi Project in Burkina Faso, West Africa, and for general working capital purposes.
“Teck has been a long-term and supportive shareholder in our group of companies, including Fronteer Gold and Pilot Gold, and we welcome their new investment in True Gold,” said Mark O’Dea, Executive Chairman, True Gold. “This financing will allow us to significantly ramp up our exploration efforts to demonstrate potential for resource growth at Karma and systematically test priority targets at Liguidi.”
No finder’s fees or commissions will be paid in connection with this Placement. The Shares issued to Teck will be legended and restricted from trading for a period of four months plus one day from the closing date. The Placement is subject to the approval of the TSX Venture Exchange.
About True Gold
True Gold Mining Inc. is where gold comes to life. We are committed to growing a successful gold exploration, development and production company, by focusing on projects with low costs, low technical risks and solid economics. The Company’s board, management and technical teams have proven track records in gold exploration, development, operations and production worldwide.
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