TTM Resources Inc. Closes Flow-Through Financing with MineralFields Group
Vancouver, B.C., October 28, 2010 – TTM Resources Inc. (“TTM” or the “Company”) is pleased to announce that it has closed a non-brokered private placement with MineralFields Group (the “Private Placement”) pursuant to which TTM issued 7,000,000 flow-through units at a price of $0.28 per unit for gross proceeds of $1,960,000. Each unit under the Private Placement consists of one flow-through common share and one transferable common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one additional non flow-through common share of the Company at an exercise price of $0.35 for the first 12 months following the closing of the Private Placement (the “Closing”) and at an exercise price of $0.40 between 12 and 24 months following the Closing.
Limited Market Dealer Inc. (“LMDI”) received a cash finder’s fee of $93,000, representing 5% of the gross proceeds raised from non-related parties in the Private Placement, as well as a non-transferable option (the “LMDI Option”) to acquire 664,285 units of the Company (the “LMDI Units”). The LMDI Option is exercisable into LMDI Units for a period of 12 months following the Closing at an exercise price of $0.28 per LMDI Unit. Each LMDI Unit will consist of one common share of the Company and one non-transferable share purchase warrant of the Company, and each such warrant will entitle the holder to purchase one common share of the Company at an exercise price of $0.35 for the first 12 months following the Closing and at an exercise price of $0.40 between 12 and 24 months following the Closing. In addition, LMDI received a cash due diligence fee of $58,800, plus HST, representing 3% of the gross proceeds from the Private Placement.
The proceeds of the Private Placement will be used primarily to fund geotechnical drilling on, and further exploration of, the Company’s 100% owned Chu Molybdenum Project located 85 kilometres south of Vanderhoof, B.C.
About MineralFields, Pathway and First Canadian Securities ®
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Fund Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.
About TTM Resources Inc.
TTM Resources Inc. is a Vancouver, British Columbia based Molybdenum Development and Exploration Company focused on the resource development of the Chu Molybdenum Project and two other molybdenum properties in British Columbia, Canada.
TTM RESOURCES INC.
“Crichy Clarke”
W.K. Crichy Clarke, President, CEO & Director
ttmresources.ca/ttm-news/...financing-with-mineralfields-group
Zurück
