Tearlach arranges $5-million private placement
2022-10-28 00:26 ET – News Release
Mr. Charles Ross reports
TEARLACH ANNOUNCES PRIVATE PLACEMENT
Tearlach Resources Ltd. has arranged a non-brokered private placement of $5-million at a price of 50 cents per unit, with an overallotment option of up to 60 per cent. Each Unit will be comprised of one common share in the capital of the Company (each, a “Share”) and one-half of one transferable share purchase warrant (each, a “Warrant”). Each whole Warrant will entitle the holder to purchase one additional Share in the capital of the Company (each, a “Warrant Share”) for a period of 24 months from the closing date at an exercise price of ninety cents, subject to an acceleration provision, whereby, if the closing price of the Shares on any stock exchange on which the Shares are then listed is equal to or greater than $1.50 for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry of the Warrants by giving notice to the holders of the Warrants by news release or other permitted notification that the Warrants will expire at 5:00 p.m. (Vancouver time) on a date that is not less than ten (10) business days from the date notice is given.
All securities will be subject to a four-month hold period from the closing date. The Private Placement is subject to TSX Venture Exchange (“TSXV”) approval. Finder’s fees may be payable in accordance with TSXV policies.
The Company intends to use the proceeds from the Private Placement for work on the Company’s portfolio of lithium projects in Northwestern Ontario, general working capital, repayment of debts, and funds to assess further lithium opportunities in Western Ontario, Quebec, and the USA.
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P. Geo., an independent Qualified Person (QP) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Tearlach Resources Ltd.
Tearlach is listed on the TSX-V under the symbol TEA and is a Canadian-based emerging resource company. Tearlach has signed option agreements on three lithium projects in north-western Ontario. The Wesley Property borders Green Energy Metals’ Root Lake Project, where a 24,000 m drill program is currently underway. Pegmatite dykes have also been encountered on the Harth Lithium Project, which is 8 kms west of the Wesley Lithium Project. Prospecting and mapping have also confirmed pegmatite dykes on the Ferland Lithium Property 10 km east of Green Technology Metals’ Seymour Lake Project. Tearlach intends to explore current assets and develop a portfolio of projects in the Americas through acquisition. Tearlach’s goal is to be the leading lithium exploration and development company in the Americas.
We seek Safe Harbor.
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