TASCA RECEIVES TSX-V APPROVAL FOR DEBT SETTLEMENT 2018-03-29 16:34 ET - News Release
Mr. Clive Massey reports
TASCA RECEIVES TSX-V APPROVAL FOR DEBT SETTLEMENT AND CLOSES FIRST TRANCHE OF FT AND NON-FT UNITS
Further to its news release on Jan. 22, 2018, Tasca Resources Ltd. has received TSX-V Exchange approval for the debt settlement agreements with two arm's-length creditors, pursuant to which the company has agreed to issue an aggregate of 1,727,953 common shares at a deemed price of 11 cents per share in order to settle long-term debt of the company totalling $190,074.83.
The Company has issued the Shares; 20% on Approval and 20% every three months thereafter (subject to a 4-month hold period),
Tasca closes first tranche of Flow-Through and Non-Flow Through Units for Gross Proceeds of $408,535 The Company has received TSX-V approval and closed its First Tranche of a Flow-Through (FT) and Non-Flow-Through (NFT) Units Financing for gross proceeds of $408,535. The Company will proceed to issue 1,726,000 FT Units at $0.085 per FT Unit for gross proceeds of $146,710. Each FT Unit consists of one FT common share and one-half warrant. Each whole warrant is exercisable at $0.125 per common share (which is not a FT share) for 36 months from Closing. In addition, the Company will proceed to issue 3,491,000 NFT Units at $0.075 per NFT Unit for gross proceeds of $261,825. Each NFT Unit consists of one common share and one whole warrant exercisable at $0.12 per common share for 36 months from Closing. The Company has agreed to pay cash finders fees totaling $36,263.50, issue 227,850 total Finders' Units and 4,800 Brokers warrants as finders' fees. A statutory 4 month hold period applies to all Units. Proceeds from the FT Units will be used for eligible Canadian Exploration Expenses and proceeds from the NFT portion of the placement will be used for general working capital purposes.
About Tasca Resources Ltd.
Tasca currently holds an option on the Poplar Copper Property and the Princeton Gold Project. The Poplar is a porphyry copper deposit near Houston, B.C. with 147 historic drill holes and an historic resource (See Company's Nov 17, 2017 Release). Tasca believes the mineralization is open along strike and at depth. The Company is currently reviewing and compiling data to design a 2018 exploration program to expand the Poplar mineralization and test additional targets within the 62,000 hectare property package. The Princeton Project is a newly discovered gold property south of Princeton, B.C. Surface exploration has identified several auriferous quartz veins where float grab and in-place quartz rock sampling documented 25 of 37 samples returning gold values in excess of 1,000 parts per billion with 13 of the 25 samples returning gold values in excess of 10,000 ppb gold, or 10 grams per tonne, to a maximum of 66,237 ppb or 66.2 grams per tonne gold.
The Company's technical team is currently reviewing and compiling previously generated data. Once this review has been completed, the Company will be executing very aggressive exploration programs at both properties comprised of both surface surveys and drilling.
R. Tim Henneberry, P.Geo. (BC) and Tasca's geologist, is the Qualified Person who has reviewed and approved the technical content of this news release.