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July 21, 2021 – Vancouver, British Columbia – Tisdale Resources Corp. (the “Company”) (TSXV: TRC) announces that it will offer up to 2,272,727 units (each, a “Unit”) by way of nonbrokered private placement at a price of $0.44 per Unit for gross proceeds of up to $1,000,000. Each Unit will consist of one common share and one common share purchase warrant exercisable to acquire an additional common share at a price of $0.55 for a period of sixty months.
In connection with the placement, the Company may pay finders’ fees to eligible third parties that have assisted in introducing subscribers to the Company. All securities to be issued in connection with the placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. Completion of the placement remains subject to the approval of the TSX Venture Exchange.
The Company intends to utilize the proceeds from the placement for general working capital purposes, and to complete a ZTEM survey of the primary target at its wholly-owned Keefe Lake Uranium Project. Keefe Lake is an advanced exploration project that covers an area of approximately 15,400 hectares, on the eastern side of the Athabasca Basin, in northeastern Saskatchewan, Canada. The project is on trend with the McArthur River, Cigar Lake and Key Lake Mines, three of the largest and richest uranium mines in the world.
The Z-Axis Tipper Electromagnetic system used in the survey leverages the earth’s natural (or passive) fields from global thunderstorm activity as a source of transmitted energy. ZTEM™ is ideal for mapping deeply buried, porphyry hosted and structurally controlled targets. This is well suited for Keefe Lake as previous drilling terminated in highly anomalous uranium mineralization at a depth of 400 meters, well within the penetration of the ZTEM system. The Company has engaged Geotech Geophysical to conduct the survey and will commence work upon completion of the placement.
Board of Directors
The Company also announces that effective immediately Dr. Peter Born has been appointed as an independent director of the Company. Dr. Born is a professional geologist with the Association of Professional Geoscientists of Ontario, and a follow of the Geological Association of Canada. Dr. Born has over thirty years of experience in the exploration and development of new resource projects, during which time he has served as a director and officer of numerous public companies.
Following the appointment of Dr. Born, the board of director of the Company consists of: Alex Klenman, Mark Ferguson, Richard Ko and Peter Born. Mr. Ferguson and Dr. Born are considered independent within the meaning of applicable Canadian securities laws. In connection with the appointment, the audit committee of the board of directors has been reconstituted to consist of Alex Klenman, Mark Ferguson and Peter Born.
Dr. Peter Born, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical content of this news release.
For further information, contact Alex Klenman at info@tisdaleresources.com.
On behalf of the Board,
Tisdale Resources Corp.
Alex Klenman, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the anticipated timing and completion of a work program at the Keefe Lake Uranium Project, the intended use of the proceeds from a private placement, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.