(TSX.V: TLG)
RICHMOND, BC, Sept. 7 /CNW Telbec/ - Tagish Lake Gold Corp. (TSX-V: TLG)
("Tagish") announces that it has received commitments for its previously
announced non-brokered private placement of units at a subscription price of
C$0.15 per unit (see the Company's news releases of July 14 & August 16, 2006)
exceeding its original target of gross proceeds of C$800,000. The Company
anticipates raising, subject to TSX Venture Exchange acceptance of the
proposed subscribers and documentation related to the offering, up to
C$950,000 in gross proceeds from the offering. Each unit consists of one
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 common share at a price of C$0.22 per
share for eighteen (18) months from the date of issuance. In connection with
the offering the Company has agreed with certain eligible registrants to pay a
finders' fee in cash of 8% of the proceeds raised from, and grant finders'
warrants on terms similar to those included in the units equal to 8% of the
Units subscribed by, such subscribers.
The Company anticipates closing, subject to TSX Venture Exchange
acceptance, on this third and final tranche of the proposed private placement
in the next few days.
Any securities to be issued will be subject to a hold period of four
months 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.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities of the Company in the United States.
The Company's securities have not been and will not be 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.
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., June 2003 available on
Sedar), and the Mt. Skukum gold deposit.
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.
