Tarsis Resources Ltd.
TSX VENTURE : TCC

Tarsis Resources Ltd.

February 09, 2012 17:01 ET

Tarsis Increases Financing to $1.2 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2012) - Tarsis Resources Ltd. (TSX VENTURE:TCC) ("Tarsis" and "the Company") is pleased to announce that the financing announced on January 24, 2012 was oversubscribed. As a result, Tarsis increased the offering to $1.2 million to accommodate certain investors who may be able to assist the Company with future growth plans and future financings.

The financing, which is a non-brokered private placement, will now consist of 4.8 million units (a "Unit") at $0.25 per Unit for gross proceeds of $1.2 million, subject to final approval by the TSX Venture Exchange.Each Unit is comprised of one common share and one half of a non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one additional common share for a period of 18 months at a price of $0.40 per common share.

Marc G. Blythe, President and CEO, commented that, "Our financing effort had the offering oversubscribed even with the increase to accommodate additional demand and we are pleased that we were able to complete it in timely fashion."

The offering will close shortly. The proceeds will be used for certain prospect generation efforts in the Yukon and elsewhere, certain early stage exploration work to upgrade currently held projects, and for general corporate purposes.

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 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
    info@tarsis.ca

    Tarsis Resources Ltd.
    Mark T. Brown, C.A.
    Chief Financial Officer
    (604) 687-3520
    www.tarsis.ca