Tamerlane Announces Up To C$2.25 Million Financing

    BLAINE, WA, July 2 /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 3.75 million flow-through Units at a
subscription price of C$0.60 per Unit for gross proceeds of approximately
C$2.25 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$0.80 per share for a period of 18 months. The proceeds from the unit
offering will be used to fund additional surface drilling at the Pine Point
Lead-Zinc Project in the Northwest Territories.
    For introducing certain investors to the Company, the Company will pay a
7% cash finder's fee and will issue broker warrants equal to 5% of the number
of Units issued to those investors. Each warrant will be exercisable at a
price of C$0.60 for a period of 18 months.
    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
45 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

    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

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

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