Tamerlane Announces Up To C$2 Million Financing



    BLAINE, WA, June 6 /CNW/ - Tamerlane Ventures Inc. (TAM: TSX-V) announces
today that, subject to regulatory approval, the Company will complete a
non-brokered private placement of up to 2,500,000 Units at a subscription
price of C$0.80 per Unit for gross proceeds of C$2.0 million. Each Unit will
comprise one Common Share and One-Half of One Common Share Purchase Warrant.
Each whole Common Share Purchase Warrant will entitle the holder to purchase
an additional Common Share at an exercise price of C$1.00 per share for a
period of 18 months. The proceeds from the unit offering will be used on the
Company's Pine Point zinc-lead project in the Northwest Territories and for
general corporate purposes.
    For introducing certain investors to the Company, the Company will pay a
6% cash finder's fee paid by the issuance of 150,000 Units. Each Unit will
have the same terms and conditions as the Units mentioned above.
    Tamerlane also announced that it is currently in negotiations for a $40
million mezzanine financing facility and a smelter off-take agreement for the
Pine Point Project with the participants of the private placement described
above. These negotiations are part of Tamerlane's strategy to secure a total
financing package for Pine Point on attractive commercial terms.
    All of the securities issued in this private placement will be subject to
a four-month hold period. The transaction is expected to close within the next
5 days.

    "Ross F. Burns"

    President & CEO

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the contents of this press
    release.

    Caution Concerning Forward-Looking Information

    This press release contains forward-looking information within the
meaning of applicable securities laws. We use words such as "may", "will",
"should", "anticipate", "plan", "expect", "believe", "estimate" and similar
terminology to identify forward-looking information. It is based on
assumptions, estimates, opinions and analysis made by management in light of
its experience, current conditions and its expectations of future developments
as well as other factors which it believes to be reasonable and relevant.
Forward-looking information involves known and unknown risks, uncertainties
and other factors that may cause our actual results to differ materially from
those expressed or implied in the forward-looking statements and accordingly,
readers should not place undue reliance on those statements. Risks and
uncertainties that may cause actual results to vary include but are not
limited to the speculative nature of mineral exploration and development,
including the uncertainty of reserve and resource estimates; operational and
technical difficulties; the availability to the Company of suitable financing
alternatives; fluctuations in zinc, lead and other resource prices; 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 in foreign exchange rates; as well
as other risks and uncertainties which are more fully described in our annual
and quarterly Management's Discussion and Analysis and in other filings made
by us with Canadian securities regulatory authorities and available at
www.sedar.com.





For further information:

For further information: Brent Jones, Manager of Investor Relations,
E-mail: bjones@tamerlaneventures.com, Phone: (360) 332-4653, Fax: (360)
332-4652, Website: www.tamerlaneventures.com

Organization Profile

TAMERLANE VENTURES INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890