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Tsodilo Resources Limited and IFC Finalize C$5,000,000 Equity Investment
Tsodilo Resources Limited and IFC Finalize C$5,000,000 Equity Investment
About this update from Tsodilo Resources Limited
[{"type":"text","content":"\nTsodilo Resources Limited and IFC Finalize C$5,000,000 Equity Investment\n\n\n Jun. 24, 2010 (Filing Services Canada) -- Tsodilo Resources Limited (TSD - TSX Venture), is pleased to announce that the contemplated equity subscription announced on May 10, 2110, to be made by IFC, a member of the World Bank Group, has been finalized and closed. The non-brokered private placement of 2,702,702 units of the Company (the \"Units\") will consist of one common share priced at C$1.85 and one purchase warrant per unit, each such warrant entitling the holder to purchase one common share of the Company for a period of five years at C$2.17.  The pricing of the Unit's common share and warrant is consistent with the TSX Venture Exchange private placement policy guidelines.   The purpose of the proposed investment is to assist in the financing of the Company's ongoing exploration of its Botswana diamond and metals licenses in northwest Botswana. The key features of the proposed investment are:* An initial equity investment of C$5 million in exchange for 2,702,702 common shares. * A warrants package (up to C$5.64 million) consisting of one full warrant per ordinary share purchased valid for 5 years from closing and priced at C$2.17* The common shares, warrants and warrant shares will have a statutory four (4) month hold period and the certificates evidencing such securities will bear a legend to that effect.  * Potential for additional funding during the exploration stage and at feasibility study and development stages.* IFC will control 12% of the outstanding shares and become the second largest shareholder in Tsodilo. * IFC was granted a pre-emptive right to maintain its pro rata interest in Tsodilo by subscribing to any future equity placements in an amount that would equal its current percentage of shareholdings. * Investment by IFC provides Tsodilo with a highly credible strategic investor necessary for the progression of the Company's rapidly emerging kimberlite and metals projects in an environmentally and socially sustainable mannerJames M. Bruchs (Chairman) said \"IFC is our \"Partner of Choice\", their participation, professionalism, guidance and expertise add instant value to our program. We are also very pleased by the economic, political and social stability afforded by the government of Botswana coupl...