By Sheri Kasprzak
New York, Nov. 2 - Tan Range Exploration Corp. said it concluded the third tranche in a C$3 million private placement of stock with its chief executive officer James Sinclair.
In the most recent tranche, Sinclair bought 133,929 shares at C$2.80 each.
The price per share is equal to the weighted-average trading price of the company's stock for the five trading days ended Oct. 31.
In February, Sinclair began buying shares of the company in a private placement for up to C$3 million. The offering will close in eight quarterly tranches of C$375,000 each.
The proceeds will be used for an exploration program on the company's mineral properties in Tanzania.
In 2004, Sinclair invested between C$1.5 million and C$3 million through 24 tranches of a private placement for Tan Range.
Vancouver, B.C.-based Tan Range is a gold exploration company.
| Issuer: | Tan Range Exploration Corp.
|
| Issue: | Stock
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| Amount: | C$375,000
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| Shares: | 133,929
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| Price: | C$2.80
|
| Warrants: | No
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| Investor: | James Sinclair, chief executive officer
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| Settlement date: | Nov. 2
|
| Stock price: | C$3.38 at close Nov. 2
|
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