TAM closes (partial) PPVANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 21, 2009) -
NOTFOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THEUNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAYCONSTITUTE A VIOLATION OF U.S. SECURITIES LAW
Tamerlane VenturesInc. ("Tamerlane" or the "Company") (TSX VENTURE:TAM) announced todaythat effective December 17, 2009, it has completed an initial closingin respect of its previously announced private placement of units (eacha "Unit"), priced at C
.18 per Unit. Each Unit consists of one commonshare plus a one half of a
.25 warrant and one half of a
.32warrant, each with an 18 month term. Pursuant to such closing, theCompany has issued 5,638,888 Units for total gross proceeds of toC$1,015,000. The proceeds from the offering are being used for generalcorporate and working capital purposes.
Kingsdale Capital Markets Inc. and Kingsdale Capital Markets (
USA)Inc. (collectively, "Kingsdale") have acted as agent under the privateplacement. As consideration for its services as agent, Kingsdale hasreceived a cash commission of $56,900 and compensation warrants toacquire 417,778 Units at the exercise price of C
.18 per Unit,expiring June 17, 2011. All of the securities issued pursuant to theprivate placement are subject to a four-month hold period, which willexpire April 18, 2010.
Ross F. Burns, the President and CEO ofthe Company, and Cowan McKinney, a director of the Company,participated in the offering, each subscribing for approximately 4.9%(or 277,778) of the Units sold. Mr. Burns and Mr. McKinney currentlyhold, directly or indirectly, approximately 3.12% and 1.24% of theissued and outstanding common shares of the Company, respectively.
"Tamerlaneis pleased to complete this portion of the private placement and looksforward to advancing the Pine Point project," commented Ross F. Burns,President & CEO of Tamerlane.