Taranis Resources Inc. Closes Private Placement and Provides Property Update
FOR IMMEDIATE RELEASE
Taranis Resources Inc.
681 Conifer Lane Estes Park, Colorado 80517 www.taranisresources.com
TARANIS RESOURCES INC. CLOSES PRIVATE PLACEMENT AND PROVIDES PROPERTY UPDATE
NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
Estes Park, Colorado, August 29, 2019 – Taranis Resources Inc. (“Taranis” or the “Company”) [TSX.V: TRO] announces that it has closed the private placement announced on August 12, 2019. The private placement consisted of the sale of the following securities:
(a) 775,100 units a price of $.10 each, raising gross proceeds of $77,510, each unit consisting of one common share and one share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of $0.15 until August 28, 2021; and
(b) 2,100,000 flow-through units at a price of $0.10 each, raising gross proceeds of $210,000, each flow-through unit consisting of one flow-through common share and one flow-through share purchase warrant, with each warrant entitling the holder to purchase one additional flow-through common share at a price of $0.15 until August 28, 2021.
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The proceeds from this private placement will be used for further exploration at the Company’s Thor Project in southeastern British Columbia, and for working capital purposes.
All securities issued pursuant to the private placement, including any shares that may be issued pursuant to the exercise of the share purchase warrants, are subject to a hold period in Canada until December 29, 2019.
Exploration, Permitting and Other Activities at Thor
Ministry of Energy, Mines and Petroleum Resources personnel conducted an onsite visit on August 20, 2019 to review pending application for a Notice of Work that will enable Taranis to access the Ridge Target immediately north of the Blue Bell Mine. The Company has a drill sitting at standby in anticipation that the permit will be issued shortly. Two temporary bridges are planned to cross True Fissure Creek in addition to new road infrastructure that will permit diamond drilling of the Ridge Target. In this area, a completely new zone was mapped and sampled on surface that shows the Ridge Target plunging under Thor’s Ridge. This zone is identical in appearance to that seen at the True Fissure Mine, and has the potential to add to the existing Resource.
Approximately 1,500 core boxes from recent drilling programs have been moved to a new location at the True Fissure Millsite in order to make room for the processing facility that is currently being permitted and will test the amenability of gravity pre-concentration at Thor.
About Taranis Resources Inc.
Taranis is an exploration company focused on the development of its 100%-owned Thor project in southeast British Columbia. The Company has a clear strategy that involves the ongoing growth of the mineral Resource at Thor, and commercial mining of the deposit. For additional information on Taranis or its Thor project, please visit our website at www.taranisresources.com.
Taranis currently has 68,931,142 shares issued and outstanding (78,039,908 shares on a fully-diluted basis).
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
TARANIS RESOURCES INC.
Per: John J. Gardiner (P. Geol.), President and CEO
For further information contact:
John J. Gardiner 681 Conifer Lane Estes Park, Colorado 80517 Phone: (303) 716-5922 Cell: (720) 209-3049 [email protected]
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This News Release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from expected results.