TSXv - TM
Frankfurt - TUY
OTCBB - TUMIF
VANCOUVER, May 1 /CNW/ - Tumi Resources Limited (the "Company") (TSXv-TM;
OTCBB - TUMIF; Frankfurt - TUY). Mr. Nick DeMare, director, is pleased to
announce the Company has closed the brokered portion of the private placement
of 3,500,000 units at a price of $0.62 per unit as announced on April 6, 2006.
Bolder Investment Partners, Ltd. ("Bolder") acted as the agent for the
brokered private placement.
Each unit consists of one common share plus one-half of one non-
transferable share purchase warrant. Each whole warrant entitles the holder to
acquire one additional common share at a price of $0.80 per share up to an
including April 28, 2008, subject to an early expiry which comes into effect
once the Company's shares trade on a weighted average price of $1.25 per share
for a period of 20 consecutive trading days at which point the Company may
provide written notice of acceleration of the expiry date of all of the
warrants to the warrantholder and issue a press release on the date of such
notice publicly announcing such acceleration and the expiry date to the date
which is 30 days after the date of issue of such press release.
In consideration for Bolder's services as agent for the private
placement, Bolder has been paid a cash commission of $173,600 of which Bolder
elected to have $53,316.90 paid in units (85,995 units at the private
placement price of $0.62 per unit) and 350,000 non-transferable broker
warrants with the same terms and conditions as those warrants issued to
subscribers to the private placement.
All securities issued under this private placement have a four-month hold
period expiring on August 29, 2006.
The non-brokered portion of the private placement consisting of 3,100,000
units at $0.62 per unit is expected to close shortly.
The net proceeds from both private placements will be used to fund
exploration on the Company's mineral properties in Mexico and Sweden and for
general working capital.
On behalf of the Board,
"Nick DeMare"
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Nick DeMare, Director
Forward Looking Statements. This Company Press Release contains certain
"forward-looking" statements and information relating to the Company that are
based on the beliefs of the Company's management as well as assumptions made
by and information currently available to the Company's management. Such
statements reflect the current risks, uncertainties and assumptions related to
certain factors including, without limitations, competitive factors, general
economic conditions, customer relations, relationships with vendors and
strategic partners, the interest rate environment, governmental regulation and
supervision, seasonality, technological change, changes in industry practices,
and one-time events. Should any one or more of these risks or uncertainties
materialize, or should any underlying assumptions prove incorrect, actual
results may vary materially from those described herein. Neither the TSX
Venture Exchange nor the Frankfurt Deutsche Borse have reviewed the
information contained herein, and, therefore, do not accept responsibility for
the adequacy or the accuracy of this release.
