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Tuesday, July 21, 2009
TNR Gold Oversubscribes Private Placement TNR.v, CZX.v, ABX, NG.to, CGH.to, LMA.to, LAT.v, HUI, XAU, FXI
Posted by andre at 2:39 AM
"From an investor’s perspective, the goal is to own what China needs and China needs metals. And strategically, it could be easier for China’s state-owned corporations to fly under the radar and buy or take positions in smaller foreign corporations rather than their larger cousins. We return to our long-term thesis: own quality junior exploration and mining companies with superior projects. Canaccord Adams"
Now our next industrial revolution play in Lithium, REE, Gold and Copper has the money and interesting shareholders to connect its ambitions to place where the Growth is.Placement was oversubscribed and made very fast without any brokers involved - it is very positive sign in the current market: financing is available for the strong companies.
"Insider can sell in a lot of circumstances - they buy only in one case: when they know with all available to them information that company is still undervalued. Now he is not alone in his beliefs and we like his new company. It is always important to see that management is also buying into financing and not just cashing in cheap options. It looks like Gary Schellenberg and Kirill Klip made a good team moving TNR Gold fast forward above many other juniors still day dreaming about last summer happy days which are gone forever."
Vancouver B.C.: TNR Gold Corp. (“TNR” or the “Company”) is pleased to announce that due to the high level of interest in its recent financing, the Company has increased the size of the private placement originally announced on July 6th, 2009. TNR is now in receipt of subscriptions totalling 5,900,000 units at a price of $0.20 per unit for gross proceeds of $1,180,000 (the “Offering”). Each Unit consists of one common share and one-half common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $0.30 for a period of twelve months from the date of closing.
A large portion of the Offering is a welcomed strategic investment from Canada Zinc Metals -- a mineral exploration company focused on unlocking the potential of a world class zinc-lead-silver district in British Columbia, Canada. It is the dominant land holder in an extensive mineral belt known as the Kechika Trough which hosts in excess of 80 million tonnes of base metal resources. Significant shareholders of Canada Zinc Metals include Lundin Mining Corp. (TSX: LUN) and Tongling Nonferrous Metals Group Holdings Co. Ltd. Tongling, which currently holds a 13 per-cent equity position in Canada Zinc Metals, is one of China’s largest copper smelting companies and ranked in the top 100 large-scale industry enterprises in China. Tongling’s principal activities are exploration, mining, ore processing, smelting and refining and products processing of copper, lead, zinc, gold, silver and other non-ferrous and rare metals. TNR’s portfolio of lithium and rare metal properties is attracting interest from investors around the world.
TNR’s Non-Executive chairman, Mr. Kirill Klip, will be taking a significant portion of the financing along with other insiders and management.
All securities issued pursuant to this Offering are subject to a 4-month hold period from the date of closing. The Offering is subject to TSX Venture Exchange approval and any regulatory approvals, which the company expects within the next few days. Proceeds of the Offering will be used to fund the evaluation of TNR’s Lithium and Rare Metal properties, implement the proposed spin-off of International Lithium Corp. and for general corporate purposes.
ABOUT TNR GOLD CORP.TNR is a diversified metals exploration company focused on identifying and exploring existing properties in Argentina and Alaska and new prospective projects globally. Upon approval of pending licences in Ireland, TNR will have a total portfolio of 32 properties, of which 16 will be included in the proposed spin-off of International Lithium Corp.It is anticipated that TNR shareholders of record will receive one share and one full tradable warrant of International Lithium Corp. for every 4 shares of TNR held as of the yet determined record date. This will result in TNR shareholders owning shares in both TNR and International Lithium. For further details of the spin-off please refer to TNR's April 27, 2009 news release or visit http://www.internationallithium.comThe recent acquisition of lithium projects in Argentina, Canada, USA and Ireland confirms the Company's commitment to project generation, market diversity and building shareholder value.
On behalf of the board,Gary Schellenberg
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