Toronto, Ontario--(Newsfile Corp. - May 18, 2012) - Tartisan Resources Corp. ( Tartisan or the Company ) which previously announced that the Company was receipted by the Ontario Securities Commission (the OSC ) for its Amended and Restated Prospectus ( Prospectus ) dated February 13, 2012, has now abandoned marketing activities in connection with the now expired prospectus. Several factors including adverse market conditions contributed to the Company being unable to close its Initial Public Offering.
The receipted Prospectus in the Provinces of Ontario, British Columbia and Alberta did achieve the goal of making the Company a reporting issuer in those Provinces.
The Company will continue raising funds by way of a private placement (the Private Placement ). The Private Placement will consist of up to 4,000,000 Units for gross proceeds of up to $1,000,000. The Units are priced at $0.25 per Unit and are comprised of one common share and one warrant exercisable at $0.40 for eighteen months from date of closing.
The Company will continue to undertake a one phase exploration program which will include an initial 800m of drilling. The drill program will be funded by and subject to the successful completion of the Company closing the Private Placement. Drilling is scheduled to commence in August 2012.
Tartisan will continue its application process to be listed on the Canadian National Stock Exchange ( CNSX ) under the stock symbol TTC and will endeavor to obtain listing approval upon the successful completion of the Private Placement.
Tartisan Resources is an emerging mineral exploration company that is targeting gold, silver and other metals and minerals in North Central Peru. The Company s land package is located within 50 kms of the currently producing: La Arena Mine owned by Rio Alto (TSX.V-RIO), the Lagunas Norte Mine owned by Barrick Gold (TSX-ABX) ,and the Shahuindo Property owned by Sulliden Gold (TSX-SUE ).
For more information please contact Tartisan Resources Corp.:
D. Mark Appleby: President & C.E.O, mark@tartisanresources.com, Ph: 416-804-0280
Paul R. Ankcorn: C.F.O, paul@tartisanresources.com, Ph: 416-414-9171
The securities offered have not been and will not be 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 registrations requirements of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, sale or solicitation would be unlawful.
Completion of the Private Placement is subject to a number of conditions, including but not limited to the satisfaction of the CNSX. There can be no assurance that the Private Placement will be completed as proposed or at all.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The CNSX has in no way passed upon the merits of the Private Placement and has neither approved nor disapproved the contents of this press release. We seek Safe Harbour.
Source: Tartisan Nickel Corp.