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Tan Range Announces Private Placement Subscription Agreements Aggregating US$2.5 Million
Vancouver, Canada (ots/PRNewswire) -
Tan Range Exploration Corporation (TSX: TNX) advises that Mr. Sinclair, Chairman and CEO, and Guild Investment Management, Inc. have each subscribed for a placement of common shares of the Company for an aggregate US$2.5 million. Under the Subscription Agreements, Mr. Sinclair has agreed to subscribe for 183,440 common shares at a price of CAN$7.844 per share. Mr. Sinclair's subscription price is not discounted and represents the five- day weighted average trading price of the common shares on the Toronto Stock Exchange for the period ended January 24, 2006. Guild Investment Management, Inc. has agreed to subscribe for 215,820 common shares at a price of CAN$6.667 per share, representing the five-day weighted average trading price of the common shares on the Toronto Stock Exchange for the period ended January 24, 2006 less a discount of fifteen (15%) percent. The funds will be utilized to expand the Company's drilling equipment and for working capital.
The private placement common shares are subject to certain mandated hold periods and resale restrictions and the certificates representing such shares are legended accordingly. No warrants, options or other rights have been issued or granted in connection with this placement.
The proposed private placements are subject to regulatory approval.
"James E. Sinclair"
James E. Sinclair
Chairman and Chief Executive Officer
The Toronto Stock Exchange nor American Stock Exchange have not reviewed and does not accept responsibility for the adequacy or accuracy of this release
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as "measured", "indicated", and "inferred" "resources" that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-50634, which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.
Visit the Tan Range website: www.tanrange.com
ots Originaltext: Tan Range Exploration Corporation
Im Internet recherchierbar: http://www.presseportal.ch
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