By Sheri Kasprzak
New York, Dec. 16 - Tan Range Exploration Corp. said it increased the price per share on its C$3 million private placement with chief executive officer James Sinclair.
Sinclair will now buy shares at C$4.148 each in six more tranches.
The chief executive officer has already bought shares in two tranches completed earlier this year.
In the third tranche, he will buy 90,405 shares at C$4.148 each. The shares had been priced at C$2.80 each.
Sinclair agreed to buy C$3 million in shares in eight quarterly tranches in February.
The reset price represents the weighted average trading price of the company's stock for the five consecutive trading days ended Dec. 14.
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
|
| Amount: | C$375,000
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| Shares: | 90,405
|
| Price: | C$4.148
|
| Warrants: | No
|
| Investor: | James Sinclair
|
| Settlement date: | Dec. 15
|
| Stock price: | C$4.89 at close Dec. 15
|
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