Tamerlane Ventures Inc. (TAM: TSX-V) announces today that, subject to regulatory approval, the Company has closed a non-brokered private placement of 2,877,778 Flow-Through Units at a subscription price of C$0.45 per Flow-Through Unit for gross proceeds of C$1,295,000. Each Unit comprised one Common Share and One-Half of One Common Share Purchase Warrant.
Each whole Common Share Purchase Warrant will entitle the holder to purchase an additional Common Share at an exercise price of C$0.60 per share for a period of 18 months. For introducing certain investors to the Company, the Company paid a 7% cash finder's fee and issued broker warrants equal to 5% of the number of Units issued to those investors. Each warrant will be exercisable into one Common Share at a price of C$0.60 per share for a period of 18 months.
This financing was previously announced on August 19, 2008 when it was anticipated that the Company would raise up to $2.03 million. Due to market conditions the financing for the anticipated amount was not completed. All of the securities issued in this private placement will be subject to a four-month hold period.
The proceeds from the Flow-Through Unit Offering will be used to fund additional surface drilling at the Company's Pine Point Zinc-Lead Project in the Northwest Territories. -- www.cnxmarketlink.com
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