VANCOUVER, May 29, 2018 /CNW/ - ATAC Resources Ltd. (TSX-V:ATC) ("ATAC" or the "Company") is pleased to announce that it has closed a $4,534,020 private placement, which consisted of the sale of 7,556,700 flow-through shares at a price of $0.60 per share. The oversubscribed financing was originally announced as a $3,000,000 private placement on May 9, 2018.
The proceeds raised from the sale of the flow-through Shares will be used to fund exploration at the Company's Rackla Gold Property. Expenditures will qualify as "Canadian Exploration Expenses", as that term is defined in the Income Tax Act (Canada).
The Company paid cash finders' fees totaling $269,881.20, and issued a total of 443,201 finders' warrants, to a series of parties including PI Financial Corp. and Canaccord Genuity Corp. Each finders' warrant entitles the holder to purchase one common share of the Company at a price of $0.60 until May 25, 2019.
All of the securities issued pursuant to the private placement, including any shares that may be issued pursuant to the exercise of the finders' warrants, are subject to a hold period in Canada expiring on September 26, 2018.
ATAC is a Yukon-based exploration company focused on developing Canada's only known Carlin-type gold district at the Rackla Gold Property. Recent work on the ~1,700 km2 property has resulted in a positive Preliminary Economic Assessment for the Tiger Gold Deposit, drilling of multiple high-grade Carlin-type gold zones and the identification of numerous early-stage gold exploration targets. ATAC and Barrick Gold Corporation recently partnered to explore the Rackla Gold Property's Orion Project, with Barrick having the option to earn up to 70% of Orion by spending $55 million in exploration. ATAC is well-financed with approximately $18 million in its treasury.
On behalf of the Board of Directors of ATAC Resources Ltd.
Graham Downs, President and CEO
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 NEWS RELEASE.
SOURCE ATAC Resources Ltd.
For further information: Matthew Keevil, VP, Corporate Affairs, ATAC Resources Ltd., T: 604-687-2522 ext. 260, [email protected]