Tartisan Announces Private Placement
Toronto, Ontario--(Newsfile Corp. - October 10, 2012) - Tartisan Resources Corp. (CNSX:TTC; “Tartisan” or the “Company”) announces a non-brokered private-placement offering of a maximum of 5 million Units of the Company, at a price of $CDN 0.15 per Unit, for gross proceeds of a maximum of CDN $750,000 (the “Offering”). Each Unit will consist of one Tartisan common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase Tartisan common share at a price of CDN $0.25 for a period of 12 months after the date of issuance.
A cash finder’s fee equal to 8% of the proceeds raised in the Offering will be paid to qualified registrants who participate in the Offering. As additional compensation qualified registrants will be issued finder warrants equal to 8% fo the number of securities sold under the Offering. Each finder warrant will entitle the holder to subscribe for one Tartisan common share at an exercise price of CDN $0.25 for a period of 12 months after the date of issuance.
Net proceeds from the Offering will be used to fund exploration of the Company’s gold, silver and base metals projects in North-Central Perú, and for working capital purposes. The planned exploration work will include diamond drilling at La Victoria, the Company's flagship project located in northern Ancash Department. Tartisan's land holdings are located within 50 kilometres of several producing mines including: La Arena owned by Rio Alto Mining Ltd. (TSXV:RIO), Lagunas Norte (Alto Chicama) owned by Barrick Gold Corporation (TSX:ABX) and Santa Rosa owned by Compañia Minera Aurífera Santa Rosa (COMARSA).
The securities to be issued in connection with the Offering will be subject to a four-month hold period from the date of issue.
Tartisan common shares are listed on the Canadian National Stock Exchange (CNSX).
Currently, there are 27,583,258 shares outstanding (35,322,615 fully diluted).
For further information, please contact Mr. D. Mark Appleby, CEO and a Director of the Company, at 416-804-0280 (firstname.lastname@example.org) or Mr. John M. Siriunas, P.Eng. at 416-710-9392 (email@example.com). Additional information about Tartisan can be found at the Company’s website at www.tartisanresources.com.
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 Canadian National Stock Exchange (CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release nor has it passed upon the merits of the Private Placement.