Takara Resources Inc.

Takara Resources Inc.

October 15, 2010 14:07 ET

Takara Closes Private Placement Offering

TORONTO, ONTARIO--(Marketwire - Oct. 15, 2010) -


Takara Resources Inc. (TSX VENTURE:TKK) ("Takara") announces the closing of a non-brokered private placement offering of 11,902,819 Units at a price of $0.21 per Unit for gross proceeds of $2,499,592. Each Unit is comprised of one common share ("Common Share") of Takara and one half of one non-transferable share purchase warrant ("Warrant"). Each full warrant entitles the holder to acquire an additional Common Share at a price of $0.29 at any time within 18 months of issuance.

Subject to approval by the TSX Venture Exchange and applicable securities legislation, Takara paid brokers or other third parties (a "Finder") a 6% cash finder's fee totalling $128,865.12.

The placement was offered to qualified purchasers resident of any Canadian Province, in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. The Offering is subject to certain conditions, including regulatory approval. The securities issued upon the closing of the Offering are subject to a four month hold period from the date of issue.

The proceeds from the sale of this offering will be for working capital purposes and to undertake the ongoing exploration work program on Takara's Guyana Gold Projects.

All transactions contemplated herein are subject to final securities regulatory approvals. 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.

About Takara

Takara Resources Inc. is a Canadian based gold company focused on the exploration and development of its Guyana gold assets held within a wholly-owned subsidiary, StrataGold Guyana Inc., including two advanced-stage gold projects within the Guyana Shield, namely: (i) the 100% owned Tassawini Gold Project; and (ii) a 30% interest in the BRL Venture operated by Newmont Overseas Exploration Limited, a subsidiary of Newmont Mining Corporation (NYSE:NEM), holding a 70% interest in the project.

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 has neither approved nor disapproved the contents of this press release. Further, 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 news release.

Contact Information

  • Takara Resources Inc.
    Jennifer L. Boyle, B.A., LL.B.
    President & Chief Executive Officer
    (647) 430-0966 (office) or (416) 904-2714 (cell)