Warrants ExercisedTamerlane Reports Financial Results for Year 2010
BELLINGHAM, WASHINGTON, Apr 29, 2011 (Marketwire via COMTEX News Network) --
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Tamerlane VenturesInc. ("Tamerlane" or "the Company") (TSX VENTURE:TAM) announces a netloss of $1,446,692 or
.02 per share for the year ended December 31,2010, compared to a net loss of $1,156,808 or
.02 per share for theprior year.
At December 31, 2010 the Company had working capitalof $4,158,219 compared to $1,306,399 at December 31, 2009, an increaseof $2,851,820.
On April 18, 2011, the Company received $2,151,749in cash proceeds from the exercise of substantially all warrants from aDecember 2009 private placement of units. Exercised warrants in April2011 totaled 7,705,553 at an average price of
.28, out of 7,765,553warrants outstanding from this financing; 320,000 warrants from the sameprivate placement had been exercised previously, in October 2010.
Inaddition, there were 195,000 shares issued in March and April of thisyear pursuant to the exercise of employee stock options for cashproceeds of $35,000. As of April 29, 2011 the Company had 74,243,426common shares issued and outstanding. In addition, there are 1,812,571shares remaining reserved for issuance for the exercise of warrants, and5,270,000 shares reserved for issuance for exercise of stock options.Exercise of all outstanding stock options and warrants would result inapproximately $2.63 million being added to the Company's treasury. Ifall warrants and options were exercised and there is an exercise ofconversion rights for the 3,142,500 shares pursuant to the convertibledebenture, there would be 84,468,497 shares outstanding on a fullydiluted basis.
About Tamerlane Ventures Inc.
TamerlaneVentures Inc. is an exploration and development mining company withadvanced base metal development projects in Canada and Peru. TheCompany's immediate focus is bringing the 100%-owned Pine Point projectto production. The Company is currently in the financing phase andexpects to commence construction this fall. Tamerlane plans to sell thewell-known Pine Point Concentrates to various smelting facilities aroundthe world. The Company is also developing its Los Pinos heap leachcopper project in Peru.
On behalf of Tamerlane Ventures Inc.
Michael A. Willett, Chief Executive Officer
Caution Concerning Forward-Looking Information
Thispress release contains forward-looking information within the meaningof applicable securities laws. We use words such as "may", "will","should", "anticipate", "plan", "expect", "believe", "estimate" andsimilar terminology to identify forward-looking information. It is basedon assumptions, estimates, opinions and analysis made by management inlight of its experience, current conditions and its expectations offuture developments, as well as other factors which it believes to bereasonable and relevant. Forward-looking information involves known andunknown risks, uncertainties and other factors that may cause our actualresults to differ materially from those expressed or implied in theforward-looking statements and, accordingly, readers should not placeundue reliance on those statements. Risks and uncertainties that maycause actual results to vary include, but are not limited to, thespeculative nature of mineral exploration and development, including theuncertainty of reserve and resource estimates; operational andtechnical difficulties; the availability to the Company of suitablefinancing alternatives; fluctuations in zinc, lead and other resourceprices; changes to and compliance with applicable laws and regulations,including environmental laws and obtaining requisite permits; political,economic and other risks arising from our activities; fluctuations inforeign exchange rates; as well as other risks and uncertainties whichare more fully described in our annual and quarterly Management'sDiscussion and Analysis and in other filings made by us with Canadiansecurities regulatory authorities and available at www.sedar.com.
SOURCE: Tamerlane Ventures Inc.
TamerlaneVentures Inc. Gregg Sloate Director of Investor Relations and CorporateCommunications (360) 752-9462 gsloate@tamerlaneventures.comwww.tamerlaneventures.com
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