Takara Resources Inc.
TSX VENTURE : TKK

Takara Resources Inc.

December 11, 2007 15:40 ET

Takara Announces Private Placement

TORONTO, ONTARIO--(Marketwire - Dec. 11, 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 a non-brokered private placement offering of up to 2,666,667 flow-through common shares at a price per flow-through common share of $0.30, resulting in gross proceeds of $800,000.

The Offering will be made to residents of any Canadian Province in reliance upon applicable exemptions from registration and prospectus requirements. The closing of the private placement is expected to occur on or before December 31, 2007, and is subject to the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the offering shall be subject to a hold period of four months from the date of closing. A finders fee equal to 7% of the gross proceeds raised may be payable by the Company in connection with this offering, in addition to the issuance of a number of warrants equal to 7% of the number of flow-through shares sold, entitling the holder to acquire one non flow-through common share at a price of $0.30 per share for a period of 18 months from closing.

The funds raised pursuant to the offering will be used by the Company to finance Canadian projects, primarily the new Basket Lake project in northwestern Ontario.

The securities of Takara Resources Inc. have not been registered under the United States Securities Act of 1933, as amended, or the securities laws of any U.S. State, and may not be offered or sold in the United States or to any "US Person" (as defined in Regulation S under the Securities Act of 1933) absent registration or an exemption from registration.

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
    or
    Takara Resources Inc.
    Pamela Strand
    Chairperson of the board
    (780) 435-0045