(TSX.V:TLG)
RICHMOND, BC, Dec. 11 /CNW Telbec/ - Tagish Lake Gold Corp., (TSX-V: TLG) ("Tagish" or "the Company") announces that it is undertaking a non-brokered $500,000 private placement offering of share units (the "Units") at a subscription price of C$0.13 per Unit. 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$0.21 per share for eighteen (18) months from the date of issuance.
The funds will be used for general corporate expenses, while the Company undertakes the drilling program at Skukum Creek.
Completion of this proposed private placement will be subject to the negotiation, execution and delivery of definitive subscription agreements, TSX Venture Exchange acceptance of the proposed subscribers and documentation related to the offering. Any securities to be issued with 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.
In connection with the offering the Company has agreed with certain eligible registrants to pay a finders' fee in cash of 7% of the proceeds raised from participating subscribers introduced to the Company by such registrants and grant finders' warrants on terms similar to those included in the share units equal to 7% of the Units subscribed by such subscribers.
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.
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.