Business
Tarku Resources Closes Private Placement; Commences Exploration Program at Richardson and Bullion Projects
SASKATOON, SASKATCHEWAN--(Marketwired - Sept. 11, 2017) - Tarku Resources Ltd. (TSX VENTURE:TKU) (the "Company" or "Tarku") announces that it closed on Septembe
About this update from Tarku Resources Ltd
[{"type":"text","content":"SASKATOON, SASKATCHEWAN--(Marketwired - Sept. 11, 2017) - Tarku Resources Ltd. (TSX VENTURE:TKU) (the \"Company\" or \"Tarku\") announces that it closed on September 11, 2017 the second tranche of a non-brokered private placement (the \"Private Placement\") for gross proceeds of $138,040, comprised of 2,084,000 non-flow through units of the Company at a price of $0.06 per unit ($125,040) and 162,500 Flow-Through Shares of the Company at a price of $0.08 per share ($13,000). Each non-flow through unit (a \"Unit\") consists of one common share in the capital of the Company and one-half of one common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to acquire one common share at a price of $0.10 per common share for a period of thirty-six (36) months ending September 11, 2020. In aggregate of both tranches of the financing the raised gross proceeds of $625,034.94. The second tranche of the Private Placement aggregates. In the second tranche, insiders subscribed for 200,000 non-flow through units. The securities issued under this Private Placement are subject to a statutory four (4) month hold period ending January 12, 2017. The net proceeds of the Private Placement will be used to fund the Company's precious metals exploration projects (Chateau Fort, Richardson, Bullion, Atlas Apollo, Berthiaume and Admiral) and for general working capital purposes. The Private Placement has been conditionally accepted by the TSX Venture Exchange. No finder's fee has been paid for this tranche of the Private Placement. Exploration work Following the closing of the first tranche of the released July 26 Private Placement, Tarku has started exploration work on his 100% owned Richardson and Bullion projects in Chibougamau area. Completed works included geological survey and prospecting with a Beep Mat device as well as a ground geophysical survey. The prospection work and geological survey on the Richardson project outline the extension of the felsic tuff horizon which host the gold showing discovered by Eureka in 2016 (1.7 g/t Au; grab sample) over 1.4 km. Magnetic and electromagnetic surveys were also completed at the end of August and covered 8.4 km on the Richardson project and 9.1 km on the Bullion project. The electromagnetic survey enables the identification of strong conductors on the Bullion project over a distance of 1...