Touchdown Resources Inc.
TSX VENTURE : TDW

December 01, 2010 09:01 ET

Touchdown Resources Inc. Announces Private Placement Financing of Up to $860,000.00

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2010) - Touchdown Resources Ltd. (the "Company") (TSX VENTURE:TDW) announces that the Company wishes to proceed with a non-brokered private placement of up to 2,000,000 non-flow through units at a purchase price of $0.13 per Unit for proceeds of up to $260,000 (the "NFT Units"). Each NFT Unit shall consist of one Common share and one share purchase warrant (a "Warrant') with each Warrant exerciseable by the holder to acquire one additional common share of the Company for a period of two years from issuance at an exercise price of $0.20 per share in the first year and an exercise price of $0.30 per share in the second year.

The Company also wishes to announce a non-brokered private placement of up to 4,000,000 flow through units at a purchase price of $0.15 per unit for proceeds of up to $600,000 (the "FT Units"). Each FT Unit shall consist of one flow through share and one warrant with each Warrant exerciseable by the holder to acquire one additional common share of the Company for a period of two years from issuance at an exercise price of $0.25 per share in the first year and an exercise price of $0.35 per share in the second year.

After four months have elapsed from closing, if the Company's shares trade above $0.40 for 20 consecutive trading days, the Company has the option to provide notice to the warrant holders that their warrants will expire if they are not exercised within 30 days.

The funds will be used for general working capital and for further development of the company's Canadian properties.

Finders fees will be payable within the TSX Venture Exchange guidelines. 

This transaction is subject to the approval of the TSX Venture Exchange.

On Behalf of the Board, 

Touchdown Resources Inc.

Richard Macey, President

"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

  • Touchdown Resources Inc.
    Richard Macey
    President
    (604) 669-0401