(TSX.V: TLG)
RICHMOND, BC, July 24 /CNW Telbec/ - Tagish Lake Gold Corp. (TSX-V: TLG) ("Tagish" or "the Company") is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement offering, of an aggregate of 1,250,000 Units a subscription price of C$0.20 per Unit for gross proceeds of C$250,000. Each Unit consists of one common share in the capital of the Company and one non-transferable common share purchase warrant entitling the holder to acquire one additional common share at a price of C$0.30 per share until July 18, 2009. All securities issued are subject to a hold period expiry November 19, 2007 in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws.
In connection with the offering the Company paid Canaccord Capital Corporation a finders' fee of $20,000 and granted 100,000 finders' warrants entitling the holder to acquire one additional common share at a price of (Cdn)$0.30 per share until January 18, 2009.
The anticipated proceeds of the offering will be used for working capital purposes.
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, the Goddell Gully gold deposit and the Mt. Skukum gold deposit.
Tagish Lake Gold Corp.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities of the Company have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Certain statements contained in this news release using the terms "may", "expects to", "projects", "estimates", "plans", and other terms denoting future possibilities, are forward-looking statements in respect to various issues including upcoming events based upon current expectations which involve risks and uncertainties that could cause actual outcomes and results to differ materially. The future conduct of the Company's business and the feasibility of its mineral exploration properties are dependent upon a number of factors and there can be no assurance that the Company will be able to conduct its operations as contemplate and the accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond our ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. The risks include, but are not limited to, the risks described in the above press release; those risks set out in the company's disclosure documents and its annual, quarterly and current reports; the fact that exploration activities seldom result in the discovery of a commercially viable mineral resource and are also significant amounts of capital to undertake and the other risks associated with start-up mineral exploration operations with insufficient liquidity, and no historical profitability. The Company disclaims any obligation to revise any forward looking statements as a result of information received after the fact or regarding future events.
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OR ACCURACY OF THIS RELEASE