(TSX.V:TLG)
RICHMOND, BC, Nov. 20 /CNW Telbec/ - Tagish Lake Gold Corp. (TSX-V: TLG)
("the Company") further to the Company's news release of September 13, 2006,
Tagish has arranged a non-brokered private placement with Macquarie Bank Ltd.
for 2,777,777 Tagish common shares at a subscription price of C$0.18 per share
for gross proceeds of C$500,000.
In connection with the anticipated proceeds raised from this private
placement, the previously announced secured debt feasibility finance facility
from Macquarie for the completion of the feasibility study for the Company's
Skukum Creek gold-silver project will be amended from C$2.0M to C$1.5M. The
feasibility finance facility share purchase warrants announced in the
Company's news release of September 13, 2006 will also be reduced from
8 million warrants to 6 million warrants, subject to the acceptance of the
TSX Venture Exchange, each warrant entitling the holder to acquire one common
share at a price of C$0.25 per share until September 28, 2008.
Completion of the proposed private placement will be subject to the
negotiation, execution and delivery of a definitive subscription agreement and
subscription funds together with TSX Venture Exchange acceptance of the
proposed subscriber and documentation related to the offering.
The secured debt feasibility finance facility and related share purchase
warrants remain subject to the negotiation and execution of definitive
agreements between the Company and Macquarie, acceptance of the documentation
related to the financing and the common share purchase warrants by the TSX
Venture Exchange, standard commercial conditions of lending and other
technical and due diligence matters related to the Company and the Skukum
Creek gold-silver project.
Any securities issued with respect to the either private placement or
secured debt feasibility finance facility will be subject to a hold period of
four months and one day from the closing date in accordance with the rules and
policies of the TSX Venture Exchange and applicable Canadian securities laws
and such other further restrictions as may apply under foreign securities
laws.
About Tagish Lake Gold Corp.
Tagish Lake Gold Corp. explores for and develops high grade gold-silver
mineral deposits in the Yukon Territory of Canada. The Company is currently
focused on its wholly owned, 178 km2 Skukum Mineral District located 80 km by
road south of Whitehorse. The Skukum Mineral District hosts the Skukum Creek
gold-silver deposit and the Goddell Gully gold deposit, with a currently
defined measured plus indicated resource of 1,120,000 tonnes grading
8.0 g/t Au and 153.1 g/t Ag (MineTech International Ltd., 2003), and the Mt.
Skukum gold deposit.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
This news release includes certain forward looking statements in respect
to various issues including upcoming events. These forward looking statements
are based upon current expectations which involve risks and uncertainties that
could cause actual outcomes and results to differ materially. Mineral
exploration is subject to a high degree of risk, which even a combination of
experience, knowledge, and careful evaluation may fail to overcome.
Exploration activities are also expensive. The Company will therefore require
additional financing to carry on its business, and such financing may not be
available when it is needed. The Company disclaims any obligation to revise
any forward looking statements as a result of information received after the
fact or regarding future events.
