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Tagish Undertakes Non-Brokered Private Placement of Units, Terminates Flow-Through Unit Offering and Grants Stock Options
Tagish Undertakes Non-Brokered Private Placement of Units, Terminates Flow-Through Unit Offering and Grants Stock Options.
About this update from Troilus Mining Corp
[{"type":"text","content":"\n\n\n\n(TSX.V:TLG)\n\n\nRICHMOND, BC, June 28 /CNW Telbec/ - Tagish Lake Gold Corp. (TSX-V: TLG)\nannounces that, in consideration of the proposed C$10,000,000 equity\ninvestment by Wega Mining ASA disclosed in the Company's news release of June\n26, 2007, Tagish has elected not to proceed with its C$4,000,000 flow-through\nunit offering announced on May 25, 2007.\n\n\nThe Company has, however, decided to undertake a non-brokered private\nplacement offering of up to 5,000,000 common share units (the "Units") at a\nsubscription price of C$0.20 per Unit for gross proceeds of up to C$1,000,000.\nCertain Directors and/or Officers of the Company will participate in this\nprivate placement in an aggregate amount of up to C$750,000. Each Unit\nconsists of one common share in the capital of the Company and one\nnon-transferable common share purchase warrant entitling the holder to acquire\none additional common share at a price of C$0.30 per share for twenty-four\n(24) months from the date of issuance. In connection with the balance of the\noffering, the Company has agreed with certain eligible registrants to pay a\nfinders' fee in cash of 8% of the proceeds raised from participating\nsubscribers introduced to the Company by such registrants and grant finders'\nwarrants on terms similar to those included in the flow-through share units\nequal to 8% of the Units subscribed by such subscribers.\n\n\nThe anticipated proceeds of the offering will be used for working capital\npurposes.\n\n\nCompletion of this proposed private placement will be subject to the\nnegotiation, execution and delivery of definitive subscription agreements, TSX\nVenture Exchange acceptance of the proposed subscribers and documentation\nrelated to the offering. Any securities to be issued with will be subject to a\nhold period of four months from the closing date in accordance with the rules\nand policies of the TSX Venture Exchange and applicable Canadian securities\nlaws.\n\n\nTagish also announces that it has granted incentive stock options to\ncertain directors and senior officers to purchase an aggregate of 1,800,000\ncommon shares at an exercise price of $0.20 per share. The options are for a\nterm of five years and expire on June 25, 2012. Tagish has concurrently\ngranted incentive stock options to consultants to purchase an aggregate of\n100,000 co...