Tasca Resources Amends Terms of Bleiberg Property LOI and Terms of Previously Announced Private Placement of Units
08.11.2016 | FSCwire
Vancouver - Tasca Resources Ltd. (TSXV – TAC) (“Tasca” or “the Company”) wishes to announce that the terms of the Letter of Intent (“LOI”) with Samarium Tennessine Corp.,(“SBC”) previously announced on October 18, 2016. The closing of a definitive acquisition agreement will be subject to Tasca receiving all necessary approvals as well as the approval of the TSX Venture Exchange in order for Tasca to issue 4 million common shares and pay CAD$60,000 as consideration for the Bleiberg Property on signing. In year two (2) of the Acquisition Agreement, TAC will make an additional cash payment to SBC of CAD$100,000 and earn 100% right, title and interest to the Bleiberg Property.Tasca amends unit price of Private Placement
The Company has amended the unit price of its private placement (previously announced on November 2, 2016) and as a result will proceed with a private placement of up to 4,500,000 Units at $0.10 per Unit for gross proceeds of up to $450,000. Each Unit is comprised of one common share at $0.10 and one warrant exercisable at $0.15 per common share for one year. Once the private placement is closed, the securities issued will be subject to a four month and a day hold period. There may be finder’s fee payable subject to TSX Venture Exchange acceptance. The Company intends using the proceeds from this financing for general working capital purposes and to fund exploration programs on its mineral properties, specifically the recently announced Bleiberg Property.
About the Bleiberg Property
The Bleiberg Property hosts an extensive mining infrastructure with more than 1150 kilometres of tunnels and 3 mine shafts. Historic production was about 500,000 tons per year, and it was one of the 6 largest Germanium producers in the world while it was in production. Average grades were 6 percent zinc, 1 percent lead and 200 parts per million (ppm) germanium.
Source: ARCHIV FÜR LAGERSTÄTTENFORSCHUNG DER GEOLOGISCHEN BUNDESANSTALT, Arch. f. Lagerst.forsch. Geol. B.-A. ISSN 0253-097X Band 18 S. 5–33 Wien, Juni 1995, Austrian Resource Potential of Specialty Metals (Ga, In, Tl, Se, Te, Cd) in Lead-Zinc and Other Ores.
R. Tim Henneberry, P.Geo., Advisor to Tasca Resources Ltd. is the Qualified Person as defined in National Instrument 43-101, who has reviewed and approved the technical content of this news release.
For further info on the Company please visit www.tascaresources.com or email tascaresources@gmail.com.
On Behalf of the Board of Tasca Resources Ltd.,
Clive Massey, President & CEO
Telephone: (604) 644-6794
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”