Toronto, Ontario–(Newsfile Corp. – April 1, 2014) – Tartisan Resources Corp. (CSE: TTC) (Tartisan or the Company) wishes to announce it has closed on the first tranche of a non-brokered private placement first announced on February 7, 2014, amounting to 762,857 units for gross proceeds of $53,400.
The Company is extending the private placement offering on the same terms as those originally announced, those being: the non-brokered private-placement offering of up to 3 million Units of the Company (less the first tranche closing), at a price of $CDN 0.07 per Unit, for gross proceeds of up to $CDN 210,000 (the Offering). Each Unit will consist of one Tartisan common share and one common share-purchase warrant (the Warrants); each full Warrant will entitle the holder to purchase one Tartisan common share at a price of $CDN 0.14 for a period of 12 months after the closing of the Offering. A finders fee equal to a cash commission of 8% of the aggregate gross proceeds from the Units sold, plus finders warrants equal to 8% of the aggregate number of Units sold, will compensate qualified finders appointed by the Company to source subscriptions. All securities issued by the Offering will be subject to a hold period of four months plus one day from the date of issue. This extension of the Offering is subject to regulatory approval.
Net Proceeds from the Offering will be used to fund exploration of the Companys gold, silver and base metals projects in North-Central Per#xFA;, and for working capital purposes. The planned exploration work will include preparation for diamond drilling at La Victoria, the Companys wholly owned flagship project located in northern Ancash Department. Tartisans land holdings are located within 50 km of several producing mines including: La Arena owned by Rio Alto Mining Ltd., Lagunas Norte (Alto Chicama) owned by Barrick Gold Corporation and Santa Rosa owned by Compa#xF1;ia Minera Aur#xED;fera Santa Rosa (COMARSA).
Tartisan has signed a letter agreement with Eloro Resources Ltd. (TSXV: ELO) (Eloro) granting Eloro an option to earn a 50% interest in La Victoria property; this was announced on February 14, 2014. Under the terms of that agreement, Eloro can earn a 50% interest in the Property at Eloros option by expending $CDN 1.5 million in staged exploration and work expenditures on the Property, and making cash payments to Tartisan totalling $CDN 150,000, all over a four year period.
The Company also wishes to announce that it has entered into agreements to settle a total of $398,054.00 of debt (the Debt) with arms-length and non-arms-length parties to the Company (collectively the Shares for Debt Settlement).
The Debt payable to the arms-length parties totals $123,179.00 and that to non-armslength parties totals $274,875.00. The Company will settle these debts, subject to regulatory approval, by issuing an aggregate of 3,571,790 common shares at an average price of $0.10 per share. All securities to be issued will be subject to a hold period of four months plus one day. The Company will have 35,358,882 shares outstanding (40,421,739 fully diluted) after completion of the Shares for Debt Settlement transaction.
For further information, please contact Mr. D. Mark Appleby, CEO and a Director of the Company, at 416-804-0280 (email@example.com) or Mr. Phillip Shum, Investor Relations (Ubika Corp.) at 647-352-0687 (firstname.lastname@example.org). Additional information about Tartisan can be found at the Companys website at www.tartisanresources.com.
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 Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
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