EXLA Resources Inc., Tarku Update - Placing
Las Vegas, Nevada--(Newsfile Corp. - April 14, 2022) - EXLA RESOURCES, INC. (OTC Pink: EXLA) (the "Company or EXLA") is pleased to update investors that Tarku Resources, a company in which EXLA holds 7,000,000 shares, has completed a non-brokered private placement (the "Private Placement") for aggregate gross proceeds of CAD$638,455. The Private Placement was comprised of 6,384,550 units of the Company at a price of CAD$0.10 per share.
Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one common share at a price of CAD$0.15 per common share for a period of twenty-four (24) months ending April 13, 2024. Insiders of the Company subscribed for 250,000 units.
The net proceeds of the Private Placement will be mainly used to fund the Company's precious metals exploration Silver Strike Project in Arizona.
As a result of the placement, EXLA's interest has been diluted to about 8% in the company. In addition to its equity holding, EXLA also holds:
- 6% convertible debentures of CAD$500,000, convertible into Tarku shares at a price of CAD$0.10
- a 2% NSR on the Silver Strike Property, one percent (1%) of which could be repurchased by Tarku for one million US dollars (USD$1,000,000)
For more information, please see the announcement made by Tarku Resources.
Chris Lotito, CEO of EXLA Resources stated: "We are delighted to see Tarku raise funds to Advance the Silver Strike Project."
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such statements include any that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "likely", "should", "could", "would", "may" or similar words or expressions. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those in such statements, which involve risks and uncertainties, including those relating to the Company's ability to grow. Actual results may differ materially from those predicted and any reported should not be considered an indication of future performance. Potential risks and uncertainties include the Company's operating history and resources, together with all usual and common economic, competitive, and equity market conditions / risks.
Ryan Long, Communications Manager
EXLA Resources, Inc.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/120522