VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2012) - Tarsis Resources Ltd. (TSX VENTURE:TCC) ("Tarsis" and "the Company") is pleased to announce that the financing announced on September 16, 2012 has been oversubscribed. As a result, the offering has been increased from $502,500 to $1,030,500 and is fully subscribed.
The financing will now consist of a total of 6.87 million units (a "Unit") at $0.15 per Unit for gross proceeds of $1,030,500. Each Unit is comprised of one common share and one non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one additional common share for a 36 month period at a price of $0.25 per common share.
Marc Blythe, President, commented that "we were very pleased that three strategic shareholders decided to increase their positions significantly and this has oversubscribed the financing."
The proceeds will be used for certain prospect generation efforts in the Yukon, Mexico and the USA, certain early stage exploration work to upgrade currently held projects, and for general corporate purposes.
In addition to the three shareholders mentioned above, Almaden Minerals Ltd. also continues to hold 4.1 million shares of Tarsis which represents a further 10.5%. The management team also participated in this offering and will own approximately 11% of the 39,137,111 common shares issued and outstanding on completion of the financing.
The offering is subject to TSX Venture Exchange approval and will be closed shortly.
About Tarsis Resources
Tarsis is an exploration company following the prospect generator business model, with nine mineral properties in the Yukon, Canada and one in Mexico. The Company acquires prospective exploration projects when metal prices are low or of strategic value, and vends or options out projects to partners for advancement.
On behalf of the Board,
Marc G. Blythe, P.Eng., MBA, President, Director and CEO
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:
Marc G. Blythe, P.Eng., MBA
President and Chief Executive Officer
(604) 689-7644
Tarsis Resources Ltd.
Mark T. Brown, C.A.
Chief Financial Officer
(604) 687-3520
info@tarsis.ca
www.tarsis.ca