VANCOUVER, BC , June 23, 2020 /CNW/ - ATAC Resources Ltd. (ATC.V) ("ATAC" or the "Company") announces a non-brokered private placement offering (the "Offering") of up to C$1,000,000 . The Offering will consist of the sale of flow-through units at a price of C$0.23 per unit. Each unit will consist of one flow-through common share and one-half (1/2) of a share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of C$0.27 for a period of two years from the closing of the Offering.
"This financing allows us to expand our previously announced Yukon exploration programs, which will commence in the coming weeks." commented Graham Downs , ATAC's President and CEO. "Raising additional flow-through funds gives us the ability to ramp up drilling quickly at the Airstrip target while preserving our hard dollar reserves for Nevada exploration and general working capital."
The proceeds from the sale of the units will be used for "Canadian exploration expenses" at the Company's Rackla Gold project and other Canadian properties, and will qualify as "flow-through mining expenditures" as defined in the Income Tax Act ( Canada ). The Offering is subject to regulatory acceptance.
Finder's fees or brokers' commissions may be paid in accordance with TSX Venture Exchange policies.
All securities issued as part of the Offering will be subject to a hold period in Canada of four months plus one day from the closing of the Offering.
ATAC is a Vancouver -based exploration company focused on advancing Yukon's premier precious and base metal district and grassroots exploration in Nevada . Work on its ~1,700 km2 Rackla Gold Property in Yukon has resulted in the Osiris Project Inferred Mineral Resource of 1,685,000 oz of gold at an average grade of 4.23 g/t (in 12.4 Mt), a positive Preliminary Economic Assessment for the Tiger Gold Deposit (Pre-tax NPV of $118.2M and IRR of 54.5%), and numerous early-stage gold and base metal discoveries. ATAC is well-financed with approximately $9 million in working capital.
On behalf of Management and the Board of Directors of ATAC Resources Ltd.
Graham Downs , President and CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
SOURCE ATAC Resources Ltd.
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