TUDOR GOLD Corp. (TSXV: TUD) (FSE: TUC) (the “Company” or “TUDOR GOLD”) is pleased to announce that it plans to arrange for a non-brokered private placement to raise gross proceeds of up to $2,000,000.
The private placement will be comprised of up to 2,075,000 common shares (the “Shares”) at a price of $0.40 per Share for total proceeds of up to $830,000 and up to 2,925,000 units of the Company (the “Units”) at a price of $0.40 per Unit for total proceeds of up to $1,170,000. Each Unit will be comprised of one common share and one-half of one transferable common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of $0.65 for a period of two years from closing of the offering, provided that commencing on the date that is four months and one day after closing of the offering, if the closing price of the Company’s common shares on the TSX Venture Exchange, or any other stock exchange on which the Company’s common shares are listed, is at a price greater than $1.00 per share for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry date of the Warrants by giving written notice to the holders of the Warrants that the Warrants will expire on the date that is not less than 30 days from the date of such notice. The proceeds from the sale of the Shares and Units will be used to advance exploration of the Company’s Treaty Creek properties in the Golden Triangle of northwestern B.C. and for general corporate and working capital purposes. All securities to be issued pursuant to the private placement will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The private placement is subject to all necessary regulatory approvals including from the TSX Venture Exchange. Finders’ fees may be payable in connection with the private placement.