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Tsodilo Resources Limited Closes Private Placement Financing Agreement with First Quantum Minerals
Tsodilo Resources Limited Closes Private Placement Financing Agreement with First Quantum Mine...
About this update from Tsodilo Resources Limited
[{"type":"text","content":"\nTsodilo Resources Limited Closes Private Placement Financing Agreement with First Quantum Minerals\n\nTsodilo Resources Limited Closes Private Placement Financing Agreement with First Quantum Minerals\nToronto, Ontario CANADA, April 22, 2013 /FSC/ - Tsodilo Resources Limited (TSD - TSX Venture), (\"Tsodilo\" or the \"Company\") is pleased to announce that it has closed the Private Placement Financing Agreement (the \"Financing') with First Quantum Minerals (\"First Quantum\") previously announced on April 18, 2013, for gross proceeds to the Company of C$2,5000,000. \nThe Financing is for 2,272,727 units of the Company (the \"Units\"). Each Unit is comprised of one common share priced at C$1.10 and one common share purchase warrant per unit, each such warrant entitling the holder to purchase one common share of the Company for a period until the close of business on April 22, 2015 at USD$1.21.  \nThe common shares to be issued as a result of the Financing will have a statutory four month hold period expiring on August 23, 2013. \nNo commissions have been or will be paid in connection with this Financing.\nThe proceeds of the Financing will be used by Tsodilo for advancement of the Xaudum iron ore and kimberlite projects in Botswana, and for general corporate working capital. \nFirst Quantum, is the sole placee in this Financing and, as a result, will own upon the closing thereof 2,272,727 common shares (representing 7.47% of the issued and outstanding share capital of the Company and up to 13.90% on a partially diluted basis, assuming the exercise of all of First Quantum's warrants granted to date [2,272,727 priced at USD$1.21, expiring April 22, 2015]).\nJames M. Bruchs (Chairman) commented \"We are very pleased to have First Quantum as our strategic partner. The recent combination of the First Quantum and Inmet assets has created one of the world's leading copper producers with a geographically diversified portfolio of high-quality operations and development projects in eight countries across four continents. First Quantum's core strength is discovering, developing and operating mines efficiently and cost effectively and we look forward to working with them to deliver value to all our shareholders\".  \nAbout Tsodilo Resources Limited\nTsodilo Resources Limited is an international diamond and metals explor...