Tenajon Resources Corp.
TSX VENTURE : TJS

Tenajon Resources Corp.

August 15, 2007 12:26 ET

Tenajon Closes $6.7 Million Private Placement

Funds to Advance Molybdenum Exploration Programs

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2007) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Tenajon Resources Corp. (TSX VENTURE:TJS) (the "Company") is pleased to announce that it has closed the brokered private placement, which includes the full amount of the over-allotment option, announced on July 17, 2007 raising gross proceeds of $6,768,925 through the issue of 4,038,000 units at $0.75 per Unit and 4,400,500 flow-through shares at $0.85 per share. Each Unit consists of one common share of Tenajon plus one half of one transferable common share purchase warrant with each whole purchase warrant exercisable into a common share at a price of $1.00 per share up to August 15, 2009. Dundee Securities Corporation and Canaccord Capital Corporation (the "Underwriters") were paid a cash commission of 7% totaling $473,824.75 and issued 590,695 Underwriters' Warrants, each Underwriters' Warrant entitling the holder to acquire one common share of Tenajon at a price of $0.75 per share up to August 15, 2009.

All of the securities issued in the private placement are subject to a hold period that expires on December 16, 2007.

Net proceeds from the financing will be used for general corporate purposes and to further the Company's molybdenum exploration programs on its Ajax, Moly Brook, and Burn projects.

Tenajon Resources Corp. is a Canadian exploration company with a principle focus of exploring for molybdenum deposits in Canada. Tenajon also has two advanced exploration gold projects in its property portfolio, the Kansas Claim and Summit Lake. Joint venture partners Pinnacle Mines Ltd. and Mountain Boy Minerals Ltd. are advancing Tenajon's Kansas Claim.

On Behalf of the Board of Directors

TENAJON RESOURCES CORP.

D. Bruce McLeod, President

This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, ore reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See the Company's filings for a more detailed discussion of factors that may impact expected results.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Tenajon Resources Corp.
    D. Bruce McLeod
    President
    (604) 687-7545 or Toll Free: 1-888-338-2200
    (604) 689-5041 (FAX)
    Email: info@northair.com
    Website: www.tenajon.com