...Everything is RELATIVE....Keep WR1 in Mind....Assays pending....
Wow....Really.....TEA.v has Just Closed a PP where the
Current Share Price is 350% Obove the Just Closed PP Price.....CEO Cites Market likes the POTENTIAL....of its 3 x unknown Lithium exploration Projects....
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Current Market Cap Folks is $120 Million Dollars
Tearlach Resources closes financing for $7.58-million
2022-11-18 20:29 ET - News Release
Mr. Charles Ross reports
TEARLACH CLOSES SIGNIFICANTLY OVERSUBSCRIBED $7.585M PRIVATE PLACEMENT INCLUDING $5.1M FROM STRATEGIC INVESTORS
Tearlach Resources Ltd., further to its news releases dated Oct. 28, 2022, and Nov. 8, 2022, has closed the second and final tranche of a non-brokered private placement. Pursuant to the final tranche, the company will issue 10.17 million units at a price of 50 cents per unit for gross proceeds of $5,085,000. The company has raised total gross proceeds of $7,585,000 through the issuance of 15.17 million units.
Charles Ross, chief financial officer and director, commented: "The oversubscribed $7,585,000 capital raise highlights the high potential of the current assets, confidence in the team and the execution expertise to create value for the shareholders. The funds will enable significant work on Tearlach's current and future potential lithium projects, allowing us to run concurrent paths of execution and acquisition. Also, having extended holds from certain strategic investors is another vote of confidence in the business plan and management team."
All securities to be issued under the offering will be subject to a statutory hold period expiring four months and one day from the date of issuance of the securities. In addition, the company entered into securities resale agreements with strategic investors whereby 8.4 million of the 15.17 million common shares will be subject to an extended hold period of eight months from the date of closing of the offering.
Each unit consists of one common share of the company and one-half of one transferable common share purchase warrant. Each warrant entitles the holder to purchase one share at a price of 90 cents per share for a period of 24 months from the date of closing of the offering, subject to an acceleration provision, whereby, if the closing price of the shares on any stock exchange on which the shares are then listed is equal to or greater than $1.50 for a period of 10 consecutive trading days, the company will have the right to accelerate the expiry of the warrants by giving notice to the holders of the warrants by news release or other permitted notification that the warrants will expire at 5 p.m. Pacific Standard Time on a date that is not less than 10 business days from the date notice is given.
Total finders' fees on the first and final tranches of the offering are $100,450 and 200,900 non-transferable share purchase warrants. Each finder's warrant is exercisable into one share at a price of 90 cents per share for a period of 24 months from the date of issuance.
The company intends to use the proceeds from the private placement for work on the company's portfolio of lithium projects in Northwestern Ontario, for general working capital, for the repayment of debts and to finance the assessment of further lithium opportunities in the Americas.
About Tearlach Resources Ltd.
Tearlach is listed on the TSX Venture Exchange under the symbol TEA and is a Canadian-based emerging resource company. Tearlach has signed option agreements on three lithium projects in Northwestern Ontario. The Wesley property borders Green Energy Metals' Root Lake project, where a 24,000-metre drill program is currently under way. Pegmatite dikes have also been encountered on the Harth lithium project, which is eight kilometres west of the Wesley lithium project. Prospecting and mapping have also confirmed pegmatite dikes on the Ferland lithium property 10 kilometres east of Green Technology Metals' Seymour Lake project. Tearlach intends to explore current assets and develop a portfolio of projects in the Americas through acquisition. Tearlach's primary objective is to position itself as the leading lithium exploration and development company in the Americas
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