NAIROBI, KENYA--(Marketwire - Feb. 13, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Taipan Resources Inc. ("Taipan" or the "Company") (TSX VENTURE:TPN) is pleased to announce that the Company has completed a non-brokered private placement for gross proceeds of approximately $3,107,450 through the issuance of 8,878,425 units (the "Units") at a price of $0.35 per Unit (the "Private Placement"). Each Unit consists of one common share and one warrant exercisable into an additional common share at a price of $0.50 for a period of five years. Management of Taipan subscribed for approximately 20% of the Private Placement.
The Company intends to use the net proceeds of the Private Placement for exploration expenditures and working capital requirements. The Company may pay finders' fees on all or a portion of the Private Placement. All securities issued pursuant to the Private Placement are subject to a statutory hold period expiring on June 14, 2013.
About Taipan Resources Inc.
Taipan Resources Inc. (TSX VENTURE:TPN) is an independent African oil and gas exploration company with interests in 9.7 million gross oil and gas exploration acres (39,588 km2) in Block 1 and Block 2B onshore Kenya. Through its wholly owned subsidiary Lion Petroleum Corp., Taipan currently holds a 100% working interest in Block 2B (1.9 million acres / 7,807 km2) and a 20% working interest in Block 1 (7.8 million acres gross / 31,781 km2) which is operated by Afren plc. Taipan is traded on the TSX Venture Exchange with the symbol TPN.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.