Takara Resources Inc.
TSX VENTURE : TKK

Takara Resources Inc.

December 29, 2007 22:02 ET

Takara Closes Private Placement

TORONTO, ONTARIO--(Marketwire - Dec. 29, 2007) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Takara Resources Inc. (TSX VENTURE:TKK) ("Takara" or the "Company") announces that it has completed its non-brokered private placement Offering of 3,867,980 flow-through common shares at a price per flow-through common share of $0.25, for gross proceeds of $966,995.

In connection with the Offering, the Company paid a finder's fee of $60,534.65 in cash and 252,139 non-transferable Warrants of the Company. Each Warrant entitles the finder to purchase one common share of the Company at a price of $0.25 until June 27, 2009.

The proceeds of the Offering will be used to advance the Company's Basket Lake Property located in northwestern Ontario.

MineralFields Group (a division of Pathway Asset Management) participated in this placement. MineralFields Group is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world.

The securities issued under the Offering are subject to a hold period expiring on April 28, 2008.

Certain information contained in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking information. All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by Takara, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on Takara or its business operations. Takara disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Takara Resources Inc.
    Jennifer L. Boyle
    President
    (647) 430-0966 (work)
    or
    Takara Resources Inc.
    Pamela Strand
    Chairperson of the board
    (780) 435-0045 (work)