Taseko Mines Limited

Taseko Mines Limited

March 26, 2009 16:35 ET

Taseko Mines Limited: New Issue

TORONTO, ONTARIO--(Marketwire - March 26, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Taseko Mines Limited ("Taseko" or the "Company") has today entered into an agreement with a syndicate of underwriters led by Raymond James Ltd. and including Wellington West Capital Markets Inc., Canaccord Capital Corporation, and Paradigm Capital Inc. under which the underwriters have agreed to buy from Taseko 13,793,104 common shares at an issue price of $1.45 per common share (the "Offering") for gross proceeds of approximately $20 million.

The underwriters will have an over-allotment option, exercisable at any time prior to 30 days after the closing date, to acquire up to an additional number of common shares equal to 15% of the number of common shares sold pursuant to the Offering, at the issue price. The Company expects to file a short form prospectus with the securities regulatory authorities to qualify the common shares for distribution.

The Company also intends to issue, via a non-brokered private placement at the same price as the Offering, approximately $5 million of common shares (the "Non-Brokered Offering"). Finder's fees will be payable on the Non-Brokered Offering.

The net proceeds from the Offering and the Non-Brokered Offering are intended to be used for general working capital and corporate purposes. Closing of the Offering and the Non-Brokered Offering is expected to occur on or about April 15, 2009 and is subject to certain customary terms and conditions, including normal regulatory approvals, including the approval of the Toronto Stock Exchange and the NYSE Alternext.

The Offering is being made in all provinces of Canada. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include capital market conditions, commodities market prices, exploitation and exploration successes, lack of continuity of mineralization, completion of the mill upgrade on time estimated and at scheduled cost, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission or the Company's home jurisdiction filings at www.sedar.com.

Contact Information

  • Taseko Mines Limited
    Brian Bergot
    Investor Relations
    778-373-4545