Canadian Stocks

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TAC.v Tasca Resources arranges $450,000 private placement



2016-11-02 10:52 ET - News Release


Mr. Clive Massey reports

TASCA TO PROCEED TO PRIVATE PLACEMENT OF UNITS AND GRANTS INCENTIVE SHARE PURCHASE OPTIONS

Tasca Resources Ltd. intends to proceed with a private placement of up to 3.75 million units at 12 cents per unit for gross proceeds of up to $450,000. Each unit comprises one common share at 12 cents and one warrant exercisable at 18 cents per common share for one year. Once the private placement is closed, the securities issued will be subject to a four-month-and-a-day hold period. There may be findes' fees payable subject to TSX Venture Exchange acceptance. The company intends using the proceeds from this financing for general working capital purposes and to finance exploration programs on its mineral properties, specifically the recently announced Bleiberg property (see Tasca's news release dated Oct. 18, 2016).

About the Bleiberg property

The Bleiberg property hosts an extensive mining infrastructure with more than 1,150 kilometres of tunnels and three mine shafts. Historic production was about 500,000 tonnes per year, and it was one of the six largest germanium producers in the world while it was in production. Average grades were 6 per cent zinc, 1 per cent lead and 200 parts per million germanium.

Incentive share purchase option grants

The company has granted an aggregate of 1.4 million share purchase options at an exercise price of 10 cents per share, with a term of five years. This grant is the first grant of share purchase options under the company's 10-per-cent 2016 rolling stock option plan approved by shareholders at its recent annual general meeting, and brings the total options granted to 9.8 per cent of the company's issued and outstanding shares.

The foregoing incentive share purchase option grants are subject to the approval of the policies of the TSX Venture Exchange.

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