VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 22, 2016) - Tajiri Resources Corp. (the "Company") (TSX VENTURE:TAJ) is pleased to report that it has closed the second, and final tranche of the non-brokered private placement originally announced October 6th, 2016.
The second tranche of the offering resulted in proceeds to the Company of CDN$1,265.000 through the issuance of 12,665,000 units. Each unit was offered at $0.10 per and consisted of a common share, and one half of a common share purchase warrant, each whole warrant providing for purchase an additional common share in the of the Company for $0.20, valid for 18 months from the closing. CDN$26,720 in fees were paid on a portion of the offering, while insider participation totalled 2,000,000 units. Proceeds will be used for acquisitions and exploration of properties in Guyana, South America and general corporate purposes. All shares issued in both the first and second tranche are held for four months and a day from the respective closing dates. All securities issued will be subject to the exchange hold policy of four months and one day.
Following the close of the placement Company Chairman Mr Dominic O'Sullivan will beneficially control an additional 2,000,000 commons shares bring his total holdings to 12,666,666 shares of the Company and an additional 500,000 purchase warrants exercisable at $0.20 each. The acquisition was for investment purposes and Mr. O'Sullivan may increase or decrease his holdings at his discretion. If required following the issuance from treasury that calculated ownership percentage has changed more than 2% an early warning report will be filed on the Company's SEDAR Profile.
President and Chief Executive Officer Mr. Graham Keevil stated, "We are excited by the swift closing of this offering following several years of limited access to capital. Through the dedication of the Board of Directors and the early adoption of our proposed growth plan by the financial community we are positioned to both advance and grow the gold exploration portfolio we have endeavoured to maintain through the most recent market downturn. The focus has always been to create an asset base that is relatively market proof, and I think we will achieve that in the coming months."
On Behalf of the Board,
Tajiri Resources Corp.
Graham Keevil, President, CEO
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.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.