CALGARY, July 16 /CNW/ - TANQUERAY RE
SOURCES LTD. (TQY-TSX-V) (the
"Company") is pleased to announce that it has closed a portion of its brokered
private placement and has issued an aggregate of 8,978,999 Flow Through Shares
at a price of $0.12 per share and 5,000,000 Common Share Units at a price of
$0.10 per unit for aggregate gross proceeds of $1,577,480.
Each Common Share Unit consists of one Common Share and one
non-transferable Common Share Purchase Warrant. Each Common Share Purchase
Warrant will entitle the purchaser to acquire an additional Common Share at a
price of $0.15 for a period of 12 months from the date hereof.
The securities issued pursuant to the private placement are subject to a
four month hold from the date hereof. The Company expects to issue up to an
additional 4,146,001 Flow Through Shares under the brokered private placement
in the next few days.
The Flow-Through funds will be used for exploration on the Company's gold
property in Baker Lake, Nunavut and the newly acquired Kirkland Lake Gold
Properties. The proceeds from the Common Shares will be used for general
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
For further information:
For further information: TANQUERAY RESOURCES LTD., ALAN FARMER, Chairman
of the Board, Phone: (403) 263-9055, Fax: (403) 263-9061; STEPHEN AVENUE
SECURITIES INC., TERRY FALKENBERG, President, Phone: (403) 777-2442, Fax: