Business
Taranis Signs Agreement to Acquire 100% Interest in 1,699 Hectares of Mineral Tenures Adjoining Thor and Update on Closing of Private Placement
ESTES PARK, CO / ACCESSWIRE / October 8, 2024 / Taranis Resources Inc. ("Taranis" or the "Compan...
About this update from Taranis Resources Inc.
[{"type":"text","content":"Taranis Signs Agreement to Acquire 100% Interest in 1,699 Hectares of Mineral Tenures Adjoining Thor and Update on Closing of Private PlacementESTES PARK, CO / ACCESSWIRE / October 8, 2024 / Taranis Resources Inc. (\"Taranis\" or the \"Company\") (TSX.V:TRO)(OTCQB:TNREF) is providing an update on its Thor project located northeast of Trout Lake, British Columbia.Taranis has signed an agreement with an arm's-length vendor to acquire a 100% interest in 1,637.9 Hectares (\"Ha\") of Mineral Tenures and 61.4 Ha of Placer Tenures (collectively, the \"Tenures\") adjoining and located east of the Thor, subject to the reservation to the vendor of a 1% NSR from commercial production from the Tenures and a $40,000 cash payment to the vendor upon the transfer of title to the Tenures to Taranis.The land package includes 11 Mineral Tenures, and 2 Placer Tenures issued between 2005 and 2016 and are located over prospective parts of the Silver Cup Mining District including the past-producing Nettie L. Mine and portions of the Silver Cup Mine area.DiscussionJohn Gardiner, President and CEO of Taranis Resources Inc. states, \"Taranis already has a sizeable land position at Thor including 27 contiguous Crown Grant Mining Claims (fee simple) and 3,807 Ha of Mineral Tenures. The addition of the Tenures being acquired will bring our Mineral Title holdings in the Silver Cup Mining District to 5,445 Ha. Our approach at Thor has been to gain understanding of the near surface high-grade epithermal deposits discovered over the past 140 years and seek to expand the targets at depth. The new Mineral Tenures provide Taranis additional opportunity for the discovery of deep mineral resources\".Update on Closing of Private PlacementIn its October 3, 2024 News Release, Taranis announced the closing of a $200,000 private placement, consisting of the sale of 666,666 flow-through units (the \"FT Units\") at a price of $0.30 per FT Unit. Insiders of Taranis purchased all of these FT Units, the participation of these insiders having constituted a related party transaction within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101 - \"Protection of Minority Security Holders in Special Transactions\" (\"MI 61-101\"). Taranis has relied on the exemption from the formal valuation requirement provided under section 5.5(a) of MI 61-101 on the basis that the ...