Frankfurt Stock Exchange Symbol: T2U
US Clearing Symbol: TTMRF
Issued and Outstanding: 52,646,989
VANCOUVER, May 3 /CNW/ - TTM Resources Inc. ("TTM" or the "Company") is pleased to announce that it has closed a non-brokered private placement with MineralFields Group (the "Private Placement") pursuant to which TTM issued 3,500,000 flow-through units at a price of $0.57 per unit for gross proceeds of $1,995,000. Each unit under the Private Placement consists of one flow-through common share and one transferable common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one additional non flow-through common share of the Company at an exercise price of $0.75 for the first 12 months following the closing of the Private Placement (the "Closing") and at an exercise price of $1.00 between 12 and 24 months following the Closing.
Limited Market Dealer Inc. ("LMDI") received a cash finder's fee of $99,750, representing 5% of the gross proceeds raised in the Private Placement, as well as a non-transferable option (the "LMDI Option") to acquire 350,000 units of the Company (the "LMDI Units"), equivalent to 10% of the total units sold in the Private Placement. The LMDI Option is exercisable into LMDI Units for a period of 12 months following the Closing at an exercise price of $0.57 per LMDI Unit. Each LMDI Unit will consist of one common share of the Company and one non-transferable share purchase warrant of the Company, and each such warrant will entitle the holder to purchase one common share of the Company at an exercise price of $0.75 for the first 12 months following the Closing and at an exercise price of $1.00 between 12 and 24 months following the Closing. In addition, LMDI received a cash due diligence fee of $59,850, plus GST, representing 3% of the gross proceeds from the Private Placement.
The proceeds of the Private Placement will be used primarily to fund geotechnical drilling on, and further exploration of, the Company's 100% owned Chu Molybdenum Project located 85 kilometres south of Vanderhoof, B.C.
About TTM Resources Inc.
TTM Resources Inc. is a Vancouver, British Columbia based Molybdenum Development and Exploration Company focused on the resource development of the Chu Molybdenum Project and three other molybdenum properties in British Columbia, Canada.
TTM RESOURCES INC.
W.K. Crichy Clarke, President, CEO & Director
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This news release contains certain "forward-looking information" within the meaning of Canadian securities laws. Actual results may differ materially from those indicated by such forward-looking information. All information included herein, other than statements of historical fact, including, without limitation, information regarding future production, is considered forward-looking information and involves various risks and uncertainties. There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information: For further information: visit the Company's web site at www.ttmresources.ca, or contact: W.K. Crichy Clarke or Tom Brady, Phone: (604) 685-1144, Toll Free: 1-877-685-1144, Email: email@example.com