Tearlach Resources (TEA-V) PP
Oct 28, '22 - NR
Tearlach Resources Ltd. has arranged a non-brokered private placement of $5-million at a price of 50 cents per unit, with an overallotment option of up to 60 per cent. Each unit will be composed of one common share in the capital of the company and one-half of one transferable share purchase warrant. Each whole warrant will entitle the holder to purchase one additional share in the capital of the company for a period of 24 months from the closing date at an exercise price of 90 cents, 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. Vancouver time on a date that is not fewer than 10 business days from the date notice is given.
All securities will be subject to a four-month hold period from the closing date. The private placement is subject to TSX Venture Exchange approval. Finders' fees may be payable in accordance with TSX-V policies.
The company intends to use the proceeds from the private placement for work on the company's portfolio of lithium projects in Northwestern Ontario, general working capital, repayment of debts, and funds to assess further lithium opportunities in western Ontario, Quebec and the United States.
The technical content of this news release has been reviewed and approved by Mike Kilbourne, PGeo, an independent qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
About Tearlach Resources Ltd.
Tearlach is listed on the TSX-V 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 goal is to be the leading lithium exploration and development company in the Americas.
ON BEHALF OF THE BOARD OF DIRECTORS
Charles Ross
Director, CFO
TEARLACH RESOURCES LTD.
Suite 610 - 700 W. Pender Street
Vancouver, BC, Canada V6C 1G8
Tel: 778-228-2269 |
