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TTM to raise $5.1-million with FT-NFT-unit financing
TTM Resources Inc (C:TTQ)
Shares Issued 21,903,001
Last Close 3/26/2007 $0.78
Monday March 26 2007 - News Release
Mr. Crichy Clarke reports
TTM RESOURCES ANNOUNCES $5,100,000 FINANCING
TTM Resources Inc. has arranged a private placement with Canaccord Capital Corp. of five million non-flow-through units at a price of 75 cents per non-flow-through unit and 1.5 million flow-through units at a price of 90 cents per flow-through unit to raise a total of up to $5.1 million (offering). A non-flow-through unit will consist of one common share and one-half of one transferable common share purchase warrant. A flow-through unit will consist of one flow-through common share and one-half of one transferable common share purchase warrant. Each whole warrant will entitle the holder to subscribe for one additional common share at a price of $1 for a period of one year from the date of closing and at $1.30 for the second year after closing.
As consideration for acting as agents, Canaccord will be paid a commission of 6 per cent of the total proceeds raised in the offering upon closing payable in cash and agent's warrants equal to 10 per cent of the securities issued pursuant to the offering. Each agent's warrant will be exercisable to acquire one common share for a period of 18 months from the closing at 90 cents per share. In addition, the agent will receive a corporate finance fee paid in cash and in units.
The company has also granted the agent an overallotment option to raise additional gross proceeds of up to $2-million through the issue of non-flow-through units and flow-through units in any combination and exercisable 48 hours prior to closing.
The use of proceeds raised from this issue will be used to finance continued exploration at the company's Chu, Deeker Creek, Molygold and Terrace properties. The flow-through funds raised from the issuance of the flow-through units will be used for exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2007 taxation year.
The company will keep its shareholders informed of future developments and of the timing of its drill program as more information becomes available.
Completion of the placement is subject to the approval of the TSX Venture Exchange.
© 2007 Canjex Publishing Ltd.
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