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Tan Range Chairman and CEO Agrees to new Private Placement Subscription Agreement
Vancouver, Canada (ots/PRNewswire) - The Company reports that, following the completion of the recently announced 23rd tranche of the current Private Placement Subscription Agreement dated March 5, 2003 (the "Current Agreement"), James E. Sinclair, Chairman and CEO of the Company, will have subscribed thereunder for common shares aggregating CDN$2,825,000. In addition, in February 2004, Mr. Sinclair concluded a further CDN$1,000,000 private placement, bringing the aggregate total to CDN$3,825,000, to fund exploration work on the Company's gold properties in the Lake Victoria Greenstone Belt of Tanzania.
Mr. Sinclair has now confirmed his intention to enter into a new Private Placement Subscription Agreement with the Company (the "New Agreement") whereunder he will subscribe for a placement of common shares of the Company for an aggregate CDN$3,000,000. Under the New Agreement, Mr. Sinclair has agreed to subscribe to eight (8) quarterly tranches of CDN$375 ,000 each, commencing February 1, 2005.
The pricing of each quarterly tranche will be based on the weighted average trading price of the Company's common shares for the last five consecutive trading days of each quarterly period. Consistent with the Current Agreement, no warrants, options or other rights are to be issued or granted and the placement common shares will be subject to certain mandated hold periods and resale restrictions and the certificates representing such shares will be legended accordingly.
Each of these quarterly tranches will be subject to regulatory approval.
On Behalf of the Board of Directors
"James E. Sinclair"
Chairman and Chief Executive Officer
The Toronto Stock Exchange has 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.
ots Originaltext: Tan Range Exploration Corporation
Im Internet recherchierbar: http://www.newsaktuell.ch
For further information: Investor Relations at 1-800-811-3855; Visit
the Tan Range website: www.tanrange.com; To request a free copy of
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http://www.newswire.ca and click on reports@cnw.