U.S. Markets closed

Tarku Announces an up to $700,000 Private Placement and a Share Consolidation

MONTREAL, Feb. 03, 2020 (GLOBE NEWSWIRE) -- Tarku Resources Ltd. (TKU.V) (the "Company" or "Tarku") announces a 6.5 to 1 share consolidation and a non-brokered private placement of up to 9,333,334 units (the “Units”) priced, on a post-consolidated basis, at $0.075 per Unit for gross proceeds of up to $700,000 (the “Offering”).

Private placement

The Units will consist of one common share of the Company and one common share purchase warrant (each whole warrant, a “Warrant”). The Warrants are exercisable for a period of 24 months from closing at a post-consolidated exercise price of $0.10. The private placement includes a lead of $300,000 up to a maximum of $500,000 by strategic investor Crest Resources Inc. (“Crest”). As a result, Crest will become one of the largest shareholders of the company. Crest is a publicly traded company that, amongst other activities, invests in mineral exploration companies.

Share Consolidation

The Board of Directors of Tarku believes that further equity financing is required in order for the Company to finance its current working capital requirements and for future business purposes. The Board of Directors believes a share consolidation of common shares of the Company on the basis of 6.5 old shares of Tarku for 1 new share of Tarku will achieve such objectives. The consolidation will be effective on or around February 7, 2020, upon receipt of all the customary regulatory approvals.

Tarku’s shares will continue to trade under the symbol TKU. The new CUSIP number for the consolidated shares is 87618P204 and the new ISIN number is CA87618P2044. As a result of the share consolidation, Tarku will have about 11,715,197 common shares issued and outstanding. The Company’s outstanding warrants will also be adjusted on the same basis (1 new for 6.5 old) as the common shares, with proportionate adjustments being made to exercise prices. In the case of a fully subscribed financing, Tarku will have a total of about 21,048,531 common shares issued and outstanding.

Shareholders who hold their shares through a securities broker or dealer, bank or trust company will not be required to take any measures with respect to the share consolidation. Tarku’s transfer agent, Computershare Investor Services Inc., has mailed a letter of transmittal to all registered shareholders, who will be required to return their certificates representing pre-consolidated common shares and a completed letter of transmittal to Computershare. Any registered shareholder who submits a duly completed letter of transmittal to Computershare along with pre-consolidated share certificates will receive in return a post-consolidated share certificate or Direct Registration Advice (“DRA”).  Additional copies of the letter of transmittal can be obtained by contacting Computershare at 1-800-564-6253 or by e-mail at corporateactions@computershare.com.

Changes to the Board

The Board of Directors of Tarku also announce the appointment of Michael Collins to the Board of Directors, effective immediately. Concurrent with Mr. Collins appointment, the Board of Directors has accepted the resignation of Mr. Barry Chappell, who has served the Company as a founding board member for over 9 years. The Board wishes to thank Mr. Chappell for his service to the Company and its shareholders and wish him well in his future endeavours.

Michael Collins has worked as an officer and director of public companies since 2004 as well as being employed as a professional geologist and running a mining engineering office for five years. Michael has worked to develop mining and exploration projects around the world, recently identifying and building the model for Prime Mining’s acquisition and $8.5 million financing for the Los Reyes gold project. Mr. Collins has a unique skill set drive by work experience in a range of setting from rural developing to high tech development and application. Michael was also a senior team member on Canadian Royalties Inc. drill program for 2 years in Québec. Michael is Director, President and CEO of Crest Resources Inc and Volatus Capital Corp., Vancouver based companies listed on the Canadian Securities Exchange under the symbol CRES and VC.

Julien Davy, president & CEO of Tarku, stated: "I first would like to personally thank Barry, one of the Founder of the company for its excellent support and contribution over the past 9 years. We would like to extend a warm welcome Mr. Collins to the Tarku Board of Directors. His strong experiences and relationships gained during his career make him a valuable addition to our existing Board. Crest Resources has identified Tarku as a key player in the highly prospective Matagami camp and we appreciate this recognition and support in this period of rising gold and base metals prices and renewed interest in gold and base metals exploration.

About Tarku Resources Ltd. (TKU.V)

Tarku is an exploration company focused on the “Three A’s” exploration projects, (Apollo, Admiral and Atlas Projects), in the Matagami greenstone belt, which has been interpreted by management as the eastern extension of the Detour Belt in Quebec, and which has seen recent exploration successes by Midland Exploration, Balmoral Resources and Probe Metals.

Project generation is the foundation of creation wealth in the mining business. Tarku is interested in generating sustainable projects by conducting exploration in areas with strong geologic potential and high levels of social acceptability within Québec, and projects that can be explored and developed quickly with the support of the community. Tarku owns, amongst others, 100% over 220 claims (12,033 ha) adjacent and along regional gold-bearing trends with strong similarities with world class Detour Gold Mine with barely drill tested.

Neither 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 release.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Tarku’s periodic reports including the annual report or in the filings made by Tarku from time to time with securities regulatory authorities.

For more information, please visit the Company’s web site or contact:

Julien Davy, President & CEO
+1 (514) 618-7287
info@tarkuresources.com - www.tarkuresources.com

  • Business
    Barrons.com

    The Dow Is Down 1000 Points. Here’s What History Says Happens Next.

    From a technical perspective, the S&P 500 should find support near its Jan. 31 low of 3225.52, according to Macro Risk Advisors' John Kolovos. That's right about where the S&P 500, at 3,228.99, is now, and if that breaks a full-blown correction is likely in play. This is the type of distributive selling that will require a good and proper reset in price, sentiment and or time on a break,” he writes.

  • The Dow tumbled more than 1,000 points and marked its third-worst point drop in history — here’s how the stock market tends to perform after big drops
    Business
    MarketWatch

    The Dow tumbled more than 1,000 points and marked its third-worst point drop in history — here’s how the stock market tends to perform after big drops

    Need to Know: Warren Buffett says 'don't buy or sell' on the headlines as coronavirus sends stocks plunging 3% or worse Monday's selloff marks the first time all three major benchmarks — the Dow, the S&P 500 index (SPX) and the Nasdaq Composite Index (COMP) — each fell by at least 3% on the same day since Dec. 4, 2018, according to Dow Jones Market Data. Negative for the year Monday's downturn has wiped out this year's gains for the Dow (now -2.02%) and the S&P 500 (now -0.15%). day The S&P 500 breached its 50-day moving average for the first time since October.

  • Business
    NerdWallet

    How the IRS Knows If You Cheat on Your Taxes

    Those forms, called information returns, typically are records of certain payments you received or made during the tax year that you usually need to report on your tax return. Some of the most common information returns are W-2s, which report wages earned from a job, and 1099s, which report money received for things such as freelance work, dividends or interest. But other money moves you make could put information returns in the IRS' mailbox, too, says Ignatius Jackson, a certified public accountant in Phoenix.

  • 'Flat earther' dies in rocket crash
    U.S.
    Associated Press Videos

    'Flat earther' dies in rocket crash

    A California man who said he wanted to fly to the edge of outer space to see if the world is round has died after his home-built rocket blasted off into the desert sky and plunged back to earth. Feb.

  • Buffett is bullish on stocks but says the market can drop 50% — is he wrong?
    Business
    MarketWatch

    Buffett is bullish on stocks but says the market can drop 50% — is he wrong?

    Stock market investors are watching the coronavirus spreading far beyond China. It is no longer mostly in Asia. Italy has reported six coronavirus deaths and an accelerating number of cases.

  • Palo Alto Earnings Guidance Falls Short, Cybersecurity Stock Plunges
    Business
    Investor's Business Daily

    Palo Alto Earnings Guidance Falls Short, Cybersecurity Stock Plunges

    Palo Alto Networks earnings for its fiscal second quarter fell from the year-earlier period but topped views as revenue fell far short of analyst estimates. The Palo Alto earnings news and weak guidance sent shares in the cybersecurity firm tumbling in extended trading Monday. Santa Clara, Calif.

  • Here are the worst-performing stocks Monday as investors panic over the coronavirus
    Business
    MarketWatch

    Here are the worst-performing stocks Monday as investors panic over the coronavirus

    (UNH) -7.5% -5.2% -9.1% 18.0% American Express Co.

  • UnitedHealth stock plunges toward worst day in nearly 9 years as Sanders’ Nevada win stokes investor fear
    Politics
    MarketWatch

    UnitedHealth stock plunges toward worst day in nearly 9 years as Sanders’ Nevada win stokes investor fear

    Shares of UnitedHealth Group Inc. plunged toward their worst day in nearly 9 years Monday, as the narrative around a potential Bernie Sanders nomination may have swung to negative from positive following the senator's surprisingly big win in Nevada. Other health insurer stocks also took deeper dives than the broader stock market in afternoon trading. Shares of Centene Corp. (CNC) , which provides programs and services to government-sponsored health-care programs, plunged 10.2% to pace the 492 of 505 stocks on the S&P 500 index (SPX)  that were losing ground.

  • Gilead Surges After WHO Comments on Virus Drug Testing
    Business
    Bloomberg

    Gilead Surges After WHO Comments on Virus Drug Testing

    Gilead's compound, remdesivir, has been rushed into a clinical trial in China, where the illness has infected tens of thousands of people. Remdesivir is the “one drug right now that we think may have efficacy,” Bruce Aylward, an assistant director-general at the World Health Organization, said at a briefing in Beijing. Gilead shares rose 4.6% to $72.90 on Monday, the highest closing level since October 2018.

  • Markets ‘powered through’ SARS, but the coronavirus outbreak is different, Cowen says — and here’s why
    Business
    MarketWatch

    Markets ‘powered through’ SARS, but the coronavirus outbreak is different, Cowen says — and here’s why

    U.S. stocks may not be able to “power through” the coronavirus as they did with the SARS outbreak and the travel industry will take longer to recover, analysts at broker Cowen are warning. Global stocks tumbled on Monday as the spread of the coronavirus outside China intensified, with Italy and South Korea reporting a spike in new cases. The Dow Jones Industrial Average (DJIA) lost 760 points shortly after the open, and is now 1% down year-to-date, while the S&P (SPX) fell 2.5% in early trading and is 0.7% up so far in 2020.

  • Business
    Barrons.com

    Stock Trading Will Be Halted if the Market Falls Too Much. It Isn’t Even Close.

    Level One Breach A 7% decline in the S&P 500 from the prior day's close would trigger a so-called level one breach, where trading is halted for 15 minutes. That level on Monday is 3104.11. The S&P 500 closed at 3337.75 on Friday).

  • Why Fidelity 401(k) Millionaires Average $1.46 Mil Balances
    Business
    Investor's Business Daily

    Why Fidelity 401(k) Millionaires Average $1.46 Mil Balances

    The number of people with $1 million or more in 401(k) accounts in plans run by Fidelity Investments rose to a record 233,000. And the number of IRA millionaires — savers with balances of $1 million or more in accounts held at Fidelity — hit 208,000, also a record. Fidelity 401(k) Millionaire Traits In addition, Fidelity disclosed several of its 401(k) millionaires' traits: The average 401(k) balance for its millionaires reached $1,462,000.

  • Tesla stock hit hard by coronavirus fears and broad market selloff
    Business
    MarketWatch

    Tesla stock hit hard by coronavirus fears and broad market selloff

    Tesla Inc. stock fell more than 7% Monday amid a broad equity selloff triggered by fears the spread of the COVID-19 virus might tip the world into economic chaos. Tesla (TSLA) shares traded at their lowest level in 10 days and are on pace for their largest one-day percentage decline since Feb. 5, when the stock lost 17.2% following a couple of ratings downgrades. The COVID-19 outbreak in China has been called “a clear headwind” for Tesla, which has pinned a lot of its expansion plans on the Chinese market and the performance of its Shanghai factory.

  • Warren Buffett on coronavirus fears: I won’t be selling stocks
    Business
    Yahoo Finance Video

    Warren Buffett on coronavirus fears: I won’t be selling stocks

    Berkshire Hathaway CEO Warren Buffett isn't panicking about the impact of the coronavirus on markets in the long-term. Yahoo Finance's Seana Smith and CFRA research analyst Cathy Seifert discuss his remarks, along with Berkshire Hathaway's earnings results.

  • Investors unable to access brokerage accounts as stocks fall — what you should know for your retirement accounts
    Business
    MarketWatch

    Investors unable to access brokerage accounts as stocks fall — what you should know for your retirement accounts

    Investors are advised not to change their investment portfolios when the market is volatile — some were forced to take that advice when they couldn't access their accounts Monday morning. Some Fidelity Investment users tweeted Monday morning that at the start of the trading day, they couldn't log in to their accounts, or when they did, they saw a $0 balance. This comes less than a week after Fidelity customers were unable to access their accounts, or came across with no balance for their 401(k) and other investment portfolios.

  • Business
    Benzinga

    Warren Buffett On Monday's Market Plunge: 'That's Good For Us'

    Warren Buffett said in a CNBC interview Monday he prefers buying stocks at a cheaper price so Monday's sell-off is something "that's good for us." Buffett's annual chat with CNBC's Becky Quick coincided with a large sell-off in U.S. stocks as confirmed coronavirus cases are popping up in large numbers worldwide. But Buffett will be "buying on balance" and he "certainly won't" be selling any shares.

  • U.S. Supreme Court turns away religious bias claim against Walgreens
    U.S.
    Reuters

    U.S. Supreme Court turns away religious bias claim against Walgreens

    The U.S. Supreme Court on Monday handed a victory to Walgreens, turning away an appeal by a fired former Florida employee of the pharmacy chain who asked not to work on Saturdays for religious reasons as a member of the Seventh-day Adventist Church. The justices declined to review a lower court ruling in Darrell Patterson's religious discrimination lawsuit that concluded that his demand to never work on Saturday, observed as the Sabbath by Seventh-day Adventists, placed an undue hardship on Walgreens. Patterson, who had trained customer service representatives at a Walgreens call center in Orlando, was fired in 2011 after failing to show up for work on a Saturday for an urgent training session.

  • One of the market’s hottest stocks just bounced into the green to buck selloff
    Business
    MarketWatch

    One of the market’s hottest stocks just bounced into the green to buck selloff

    Virgin Galactic shares, which have been on a ridiculous tear lately, started Monday's session just like most stocks did — deep in the red. Yes, Richard Branson's Virgin Galactic (SPCE) saw its stock take a double-digit hit early, following the Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX)into negative territory. But while the indexes failed to shake coronavirus fears throughout the day, Virgin Galactic, as you can see, caught a swarm of dip-buyers, who pushed the stock up more than 4% on heavy volume as the trading day wound down.

  • Duke Energy, Williams Cos. and partners end the $1B Constitution Pipeline project
    Business
    American City Business Journals

    Duke Energy, Williams Cos. and partners end the $1B Constitution Pipeline project

    Duke Energy Corp. confirms that the four partners in the Constitution Pipeline have agreed to abandon the 124-mile project designed to carry natural gas from shale fields in Pennsylvania to New York and New England. “Although Constitution did receive positive outcomes in recent court proceedings and permit applications, the economics associated with this greenfield project have since changed in such a way that they no longer justify investment,” says Duke spokeswoman Tammie McGee. The delays and legal challenges have since driven up the costs by close to 40%.

  • Warren Buffett says ‘don’t buy or sell’ on the headlines as coronavirus sends stocks plunging
    Business
    MarketWatch

    Warren Buffett says ‘don’t buy or sell’ on the headlines as coronavirus sends stocks plunging

    Global stocks are plunging on Monday after the number of virus cases outside China surged over the weekend, particularly in Italy, South Korea and Iran. European stocks also plummeted, with Italy's FTSE MIB (IT:I945) leading the descent, falling 5.9%. “The real question is: 'Has the 10-year or 20-year outlook for American businesses changed in the last 24 or 48 hours?'” the billionaire investor said on CNBC.

  • Politics
    Bloomberg

    Buttigieg Calls for SALT Cap Removal Ahead of California Primary

    Buttigieg updated his tax plan Monday, adding a plank that would remove the $10,000 limit on so-called SALT deductions for those earning up to $400,000, partially reversing a provision in President Donald Trump's tax law that capped those write-offs, which were previously unlimited. The proposal is likely to play well in high-tax states such as California, New York and New Jersey, Democratic strongholds where local leaders have said the cap hurts residents whose incomes and property values tend to be higher.

  • India To Buy $3 Billion In U.S. Weapons But This Key Deal Awaits
    Politics
    Investor's Business Daily

    India To Buy $3 Billion In U.S. Weapons But This Key Deal Awaits

    President Donald Trump said India will sign $3 billion in military deals with the U.S. Tuesday, while Boeing and Lockheed Martin remain in a dogfight to win a massive fighter jet deal. Defense stocks dropped. Earlier this month, the State Department approved the sale of a Raytheon Integrated Air Defense Weapon System, which includes radars and missiles, to India as part of a $1.87 billion package.

  • United Therapeutics gets good news — and stock boost — from drug candidate
    Business
    American City Business Journals

    United Therapeutics gets good news — and stock boost — from drug candidate

    It's a good day for United Therapeutics Corp. The Silver Spring biotech announced Monday its pulmonary arterial hypertension treatment, Tyvaso, essentially passed its clinical tests among patients with interstitial lung disease — a bright spot after the company faced back-to-back failed late-stage trials in both a cancer therapy and a different PAH product in the last year-plus. The phase 3 trial, per a preliminary analysis, demonstrated that 16 weeks of treatment with Tyvaso was effective in increasing the distance, by 21 meters, that patients could walk in six minutes when compared with a placebo. The news sent the company's stock rising nearly 7% in Monday afternoon trading to $114.41 per share by about 1:45 p.m. Tyvaso could fill a major unmet medical need — there are currently no approved therapies for the roughly 30,000 PAH patients with interstitial lung disease, which causes scarring of the lungs and hinders breathing.

  • The 10-year Treasury yield is sliding toward its all-time low — here’s why
    Business
    MarketWatch

    The 10-year Treasury yield is sliding toward its all-time low — here’s why

    As U.S. stocks headed for the biggest one-day selloff in more than a year, investors took shelter in the deepest, most liquid haven asset in the world — U.S. Treasurys. Fears the COVID-19 outbreak could delay a global economic recovery for longer than expected has drawn investors to government bonds. The 10-year Treasury note yield (BX:TMUBMUSD10Y)  tumbled more than 10 basis points to trade at 1.377% on Monday, a few basis points away from its record low of 1.32% set in June 2016, Tradeweb data show.

  • Why This Is The Only Marijuana Stock A Top Pot Analyst Still Rates As A Buy
    Business
    Investor's Business Daily

    Why This Is The Only Marijuana Stock A Top Pot Analyst Still Rates As A Buy

    Marijuana stocks fell Monday as Cowen downgraded Aurora Cannabis stock and Tilray, but kept Canopy Growth stock as its only "outperform" rating, amid ongoing supply and cash difficulties in Canada's legal recreational rollout and better prospects in the U.S. In a research note on Monday, Cowen analyst Vivien Azer said issues that have hurt the industry — too few stores to sell weed, difficulty bringing illicit-market customers into the legal market — "do not appear to be fading as anticipated." Newer legal products, like edibles and vapes, are "likely not the elixir that the market was hoping for," she said. Factoring those issues together, Cowen also slashed its full-year sales forecast by 32% to 3.5 billion Canadian dollars ($2.63 billion) in legal cannabis sales.