VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 4, 2015) - Tajiri Resources Corp. (the "Company") (TSX VENTURE:TAJ) is providing an update to the July 22nd, 2015 announcement of a non-brokered private placement. Funds have been received under the terms of the offering to the targeted amount of CDN$150,000 and final acceptance from the TSX Venture Exchange will be sought following this release.
News dated July 22nd, 2015 outlined a non-brokered private placement that would have resulted in the creation of a control position within the Company, the offering was a material transaction and required approved by majority of minority vote of existing shareholders. This is no longer the case. During management's effort to gain majority of minority approval from existing shareholders, addition interest was expressed for the offering, and in order to qualify for the pricing exemption under which non-brokered placement was being conducted, that interest was met and the distribution of units adjusted accordingly. Thereby demand from existing shareholders, expressed as a result of management's attempt to gain majority of minority shareholder approval for, what would have been a material transaction was subsequently met, resulting in no control position being created, and no material transaction being undertaken.
In summary, the offering, which is no longer material, will be closed with 10,000,000 units issued in the capital of the Company, priced at $0.015 per unit for aggregate proceeds of CDN$150,000, each unit consisted of one common share, and a $0.05 purchase warrant valid for 12 months from the closing date. No fees were paid in association with the offering and proceeds will be used in finalizing outright purchase of the Kaburi PL Gold Property, Guyana and for corporate expenses relating to ongoing listing requirements and associated costs. Any delay in closing was due to unexpected demand for units from existing shareholders and since there has been no material changes to the Company's business during the process it will assume that the conditional acceptance of the overall offering is still applicable. As such final closing of the offering will be sought by the Company and a follow up announcement will be made upon approval from TSX Venture Exchange, or as otherwise required.
On Behalf of the Board, Tajiri Resources Corp.
Graham Keevil, President, 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 release.