Tajiri Resources (TSX-V:TAJ) has closed the final tranche of its non-brokered private placement, funding the company with an aggregate of C$2.7 million ($2.76 million) for exploration and development costs.
The company issued a total of 14.98 million units at C$0.18 each, with the final tranche returning $581,680 on the issuance of the remaining 3.23 million units.
Each unit comprises one share and one-half purchase warrant, with each warrant entitling the holder to acquire an additional share at C$0.40 until 24 October 2027.
Tajiri increased the maximum size of the offering to accommodate for additional subscriptions.
Proceeds will be used to fund exploration and development across Tajiri’s mineral projects, future acquisitions, as well as general working capital.
As reported by Mining.com.au, Tajiri closed tranche one with around C$2.1 million through the issuance of around 11.75 million units at C$0.18 each.
The company initially intended to raise C$1.5 million with the sale of up to 8.33 million units when the placement was first announced in late March, as reported.
Tajiri owns the Yono Project, considered a high-potential gold exploration opportunity in Guyana, and the Reo Project, representing a regional-scale discovery opportunity located in Burkina Faso, with both assets located in Africa.
Yono is strategically positioned adjacent to more than 8.9 million ounces of indicated and inferred resources.
The Reo Project was purchased by Tajiri in late 2018, covering 1,002km2 on the Houndé and Boromo greenstone belts that just within Burkina Faso hosts several multimillion-ounce deposits.
Write to Maddison Elliott at Mining.com.au
Images: Tajiri Resources
