(TSX.V:TLG)
RICHMOND, BC, Nov. 30 /CNW Telbec/ - Tagish Lake Gold Corp. (TSX-V: TLG) announces that it has closed the second tranche of its previously announced non-brokered private placement of flow-through share units at a subscription price of C$0.17 per unit for gross proceeds of C$436,198. Each unit consists of one flow-through common share in the capital of the Company 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$0.25 per share for eighteen (18) months from the date of issuance.
The funds will be used for the 5,000 m diamond drilling program to increase the resource in the Rainbow Two and Berg zones, by testing the extensions of these zones above the 1400 m elevation and below the 1200 m elevation.
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 $33,027 and grant finders' warrants on terms similar to the warrants included in the units to purchase 50,117 common shares.
All securities issued will be subject to a hold period expiring on March 29, 2008 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, and has a currently defined measured plus indicated resource of 1,420,000 tonnes grading 6.8 g/t Au and 131 g/t Ag (MineTech International Ltd., 2007 Update), 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.
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.