By Devika Patel
Knoxville, Tenn., May 23 - Tamaya Resources Ltd. said it has arranged a A$20 million private placement of stock.
The company agreed to sell 173.9 million shares at A$0.115 apiece.
The investors also will receive 86.96 million options (one option for every two shares), exercisable at A$0.15 for two years.
The private placement will be closed in two tranches. The company has agreed to sell the first tranche of 98.5 million shares and 49.2 million options for A$11.3 million on May 28. The second tranche, of 75.5 million shares and 37.7 million options, will be sold for A$8.7 million once the company obtains shareholder approval.
Proceeds will be used to advance Tamaya's copper mine in Chile as it gears up for Project 4000 and to bring on advanced exploration projects in close proximity to the company's mine as well as elsewhere in Chile. Funds raised will also contribute toward working capital and be applied to exploration on the company's portfolio with several drilling targets defined.
Tamaya is a Sydney, Australia-based gold and copper mining firm operating primarily in Chile.
| Issuer: | Tamaya Resources Ltd.
|
| Issue: | Stock
|
| Amount: | A$19,998,500
|
| Shares: | 173.9 million
|
| Price: | A$0.115
|
| Options: | 86.96 million
|
| Option expiration: | Two years
|
| Option strike price: | A$0.15
|
| Pricing date: | May 27
|
| Settlement date: | May 28 (for A$11.3 million)
|
| Stock symbol: | Australia: TMR
|
| Stock price: | A$0.12 at close May 27
|
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