TAKARA RESOURCES ANNOUNCES PRIVATE PLACEMENT OFFERING
Takara Resources Inc.
("Takara" or the ?Company?) (TSXV:TKK) announces a non-brokered private placement offering
for gross proceeds of up to $1,000,000 (the ?Offering?). The Offering will
comprise the sale of units (?Units?) at a price of
$0.05 per Unit. Each Unit will consist of one common share in the capital of the
Company (?Common Share?) and one
full non-transferable common share purchase warrant (?Warrant?) exerciseable at a price of $0.10 per common share at any
time within 24 (twenty-four) months from issuance.
Finders Fees equal to 7% of the
gross proceeds raised, in addition to the issuance of a number of Finder
Warrants (?Finder Warrants?) equal to 7% of the number of Units issued shall be
paid to finders or other third parties (a ?Finder?) upon closing. Each
Finder Warrant entitles the holder to acquire an additional Common
Share at an exercise price of $0.10 at any time within 24 (twenty-four) months
of the closing of the Offering, also subject to the accelerated expiry described
below.
The Offering is subject to approval by the TSX Venture Exchange and applicable
securities legislation. The securities comprising the Units will be offered to all Qualified
Purchasers resident of any Canadian Province, in reliance upon
exemptions from the prospectus and registration requirements of applicable
securities legislation. The Offering is subject to certain conditions,
including regulatory approval. The securities issued upon the closing of the
Offering will be subject to a four month hold period from the date of issue,
including any other re-sale restrictions imposed by applicable securities
regulatory authorities. Insiders
of Takara may, subject to regulatory approval, participate in the Offering.
If, commencing 4 months
after the closing of the Offering, the common shares of Takara trade at $0.21
or more on the TSX Venture Exchange for a minimum of 20 consecutive trading
days, the Takara shall have the right to give notice of early expiry of the
Warrants. Early expiry shall accelerate and be automatically amended to be the
30th day after the date on which the Takara gives notice to the
Warrant holder of such acceleration.
The Company continues to consider various corporate transactions and
accordingly, subscribers will be required to acknowledge that Takara may undertake a
reorganization of its share capital after closing, including, but not limited
to, a potential consolidation of its outstanding shares. The proceeds from the Offering will be used for general working capital
purposes.
About Takara
Takara Resources Inc. is
a Canadian based gold company focused on exploring and developing its Guyana
gold assets in the Guiana Shield that are held within a wholly-owned
subsidiary, StrataGold Guyana Inc., namely: (i) the Tassawini Gold Project
(100% interest); and (ii) the Arakaka Project (100%
interest).
The Tassawini
Gold Project hosts a National Instrument ("NI") 43-101 compliant
mineral resource estimate (disclosed in a press release dated March 18, 2010)
containing 437,000 ounces gold in an indicated resource of 10,799,000 tonnes having an average grade of 1.3 g/t, and 62,000
ounces gold in an inferred resource of 1,926,000 tonnes
having an average grade of 1.0 g/t, for a total resource of approximately half
a million ounces.