RICHMOND, BC, Aug. 21 /CNW Telbec/ - Tagish Lake Gold Corp., Richmond,
B.C. (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 of flow-through share units at a subscription price of C$0.18 per
unit for gross proceeds of C$552,220. Tagish has also concurrently closed the
first tranche of its previously announced non-brokered private placement of
non-flow-through share units at a subscription price of C$0.15 per unit for
gross proceeds of C$67,500. Each unit consists of one flow-through or
non-flow-through common share in the capital of the Company, as the case may
be, and one-half of one non-transferable common share purchase warrant, each
whole warrant entitling the holder to acquire one additional non flow-through
common share at a price of C$0.22 per share for eighteen (18) months from the
date of issuance.
In connection with the closing of the offerings today, the Company has
agreed with certain eligible registrants to pay a finders' fee in cash of
$7,800 and grant finders' warrants on terms similar to those included in the
units to purchase 48,000 common shares.
All securities issued will be subject to a hold period expiring on
December 19, 2006 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.
The Company anticipates closing the next tranches of both the
flow-through and non-flow-through offerings in the coming week.
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 km(2) 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.
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THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS NEWS RELEASE.
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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 seldom result in the discovery of a commercially viable
mineral resource. 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.
