VANCOUVER, BC, Nov. 16, 2023 /CNW/ - Tajiri Resources Corp. (the "Company") (TSXV: TAJ) is pleased to report that subject to approval of the TSX Venture Exchange it will close a non-brokered private placement originally announced October 4th, 2023.
Proceeds from the placement totaled CDN$90,000 through the issuance of 4,500,000 shares at a price of $0.02 per common share. A director of the Company subscribed for 1,000,000 shares which constitutes a related party transaction however the Company is protected from certain obligations under the rules of Multilateral Instrument 106 due to the purchase not exceeding 25 per cent of the market valuation of the Company and therefore shareholder approval was not required in this case.
As the financing is below $0.05 the Company is relying on the minimum pricing exemption provided by the TSX Venture Exchange and as such is providing a brief on the use of proceeds raised. The funds will be used for corporate purposes more specifically for ongoing working capital and expenses associated with the continued listing requirements of the Company; this includes maintaining of the Company's transfer agent, ongoing listing fee's, newswire service provider, SEDAR+ filing services and other corporate requirements as they become due. None of the funds raised will be used to pay any debt outstanding to placee's participating in the offering or for payment to those engaged in Investor Relations activities. Nonparticipating Non-Arm's Length parties may receive payments based on consulting work provided in the form of management services relating to the administration of Company affairs. All shares issued will be subject to the Exchanges mandatory 4 month and 1 day hold period, and the Company paid finders fees of CDN$2,100 on a portion of the offering.
On Behalf of the Board,
Tajiri Resources Corp.
Graham Keevil,
President & CEO
About Tajiri
Tajiri Resources Corp. is a junior gold exploration and development Company with exploration assets located in two of the worlds least explored and highly prospective greenstone belts of Burkina Faso, West Africa and Guyana, South America. Lead by a team of industry professionals with a combined 100 plus years' experience the Company continues to generate shareholder value through exploration.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Tajiri Resources Corp.
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