THUNDER MOUNTAIN GOLD COMPLETES FIRST TRANCHE OF PRIVATE PLACEMENT TO FUND SOUTH MOUNTAIN EXPLORATION
Elko, Nevada and Boise, Idaho - September 17, 2010: Thunder Mountain Gold, Inc. (OTCBB: THMG; TSX-V: Pending), a U.S.-based exploration company focused on discovering and defining high grade, high quality precious and base metal resources, today announced that it has received the first tranche of funds from its private placement. The Company sold 1,458,271 Units and received total proceeds of US$283,159 (CAD$291,654).
As of September 14, 2010, the Company had received subscriptions for 6,208,271 Units for total proceeds of US$1,205,490 (CAD$1,241,654). The balance of the subscription proceeds in the amount of CAD$950,000 from non-U.S. investors is currently being held in Canada. CAD$830,000 will be released upon approval by the TSX Venture Exchange (TSX-V) of the Company's listing application, currently expected in the month of September, and the balance of CAD$120,000 will be released upon initiation of TSX-V trading of the Company's common stock. Closing will occur when the CAD$950,000 is received by the Company.
The Company expects to use a portion the funds raised for exploration on the South Mountain Project, including drilling, sampling, and general working capital aimed at advancing the gold breccia, along with maintenance of other properties.
The Company paid no finder`s fees on the first tranche of funds. A finder?s fee will be payable to Haywood Securities Inc. and Bolder Investment Partners, Ltd. on the subsequent closings of CDN$950,000, equal to a cash commission of 10 percent of amounts raised and, share purchase warrants equal to 10 percent of the underlying Units sold in the Offering.
The securities were offered and sold in connection with applicable exemptions under U.S. and Canadian securities laws; and cannot be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration requirements.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Thunder Mountain Gold, Inc.:
Thunder Mountain Gold, founded in 1935, is an exploration company focused on discovering and defining quality, high grade precious and base metal projects, primarily in politically stable regions such as the Western United States. Thunder Mountain Gold performs its own natural resource exploration and generates value for shareholders by demonstrating the value of its properties through a comprehensive drilling program and then seeking strategic partners to move the properties into production. South Mountain, its flagship property located in Owyhee County, Idaho ? just north of the Nevada border, is 100% owned/controlled with a mostly private land package of over 1,200 acres. The Company?s other precious metals properties include Clover Mountain in Idaho, the Trout Creek and West Tonopah in Nevada, along with two properties in Arizona.
Forward-Looking Statements: Statements made which are not historical facts, such as anticipated production, exploration results, costs or sales performance are "forward-looking statements", and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to, metals prices volatility, volatility of metals production, exploration project uncertainties, industrial minerals market conditions and project development risks. Refer to the Company's Periodic Filings for a more detailed discussion of factors that may impact expected future results. Thunder Mountain Gold undertakes no obligation to publicly update or revise any forward-looking statements.
Cautionary Note to Investors - The United States Securities and Exchange Commission (?SEC?) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce.
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