Tarsis Resources Ltd.

Tarsis Resources Ltd.

October 04, 2010 09:08 ET

Tarsis Closes Financing & Grants Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 4, 2010) - Tarsis Resources Ltd. (TSX VENTURE:TCC) ("Tarsis" and "the Company") is pleased to announce that it closed the private placement of 4,100,000 units at $0.25 per Unit to raise gross proceeds of $1,025,000 On October 1, 2010.

The funds will be used to continue to advance the Company's mineral exploration projects in the Yukon and Mexico to get the projects ready to be optioned out to qualified companies. Tarsis follows a model whereby it acquires exploration projects, advances them by completing early stage exploration, and then options the projects to third parties for additional exploration work.

Each Unit issued in the private placement consists of one common share and one non-transferable common share purchase warrant exercisable for 18 months to acquire one common share at $0.50. The Units have a four month hold period ending on February 1, 2011. Insider participation amounted to 20,000 units (0.5%). In addition, Finder's Warrants, entitling the holder to purchase up to 234,150 Units for a period of 18 months from issue at $0.25 per Unit and cash finder's fees of $58,538 were paid to Global Market Development LLC (Mr. Jefferey D. Phillips).

Marc Blythe, President and CEO, of Tarsis commented that "these funds will be focused on the acquisition of new projects in Yukon and Mexico, including an exploration program on our Erika project and for general corporate purposes. As in the past, we have kept dilution to a minimum by raising only modest amounts of money to fund our immediate plans. The Company plans to continue to focus primarily on gold and copper exploration. The placement was over-subscribed and we thank investors for their interest in Tarsis." The Company now has 22,920,470 common shares outstanding.

Tarsis has also granted 875,000 stock options to directors, officers and consultants exercisable for five years at an exercise price of $0.59 per share.

About Tarsis Resources Ltd.

Tarsis is an early stage exploration company following the prospect generator business model, with mineral properties in the Yukon, Canada and Mexico. The Company acquires properties prospective for gold, copper, zinc, silver and lead mineralization, and vends or options out projects to partners for advancement.

On behalf of the Board,

Marc G. Blythe, P.Eng., MBA., President and Chief Executive Officer

This news release was prepared by Company management, which takes full responsibility for content. 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.

Contact Information

  • Tarsis Resources Ltd.
    Marc G. Blythe, P.Eng., MBA.
    President and Chief Executive Officer
    (604) 689-7644
    Tarsis Resources Ltd.
    Mark T. Brown, CA
    Chief Financial Officer
    (604) 687-3520