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August 18, 2021 – Vancouver, British Columbia – Tisdale Resources Corp. (the “Company”) (TSXV: TRC) announces that it has closed the first tranche of its previously announced nonbrokered private placement through the issuance of 1,850,000 units (each, a “Unit”) at a price of $0.44 per Unit for gross proceeds of $814,000. Each Unit consists of one common share and one common share purchase warrant exercisable to acquire an additional common share at a price of $0.55 until August 17, 2026.
The Company intends to complete a further tranche of the placement for a total offering of up to 2,272,727 Units. Additional information regarding completion of a further tranche of the placement will be announced as soon as available.
No finders’ fees or commissions were paid in connection with closing of the first tranche of the placement. The Company may pay finders’ fees to eligible third parties that have assisted in introducing subscribers to a further tranche of the placement. All securities issued in connection with the first tranche of the placement are subject to a statutory hold period until December 18, 2021 in accordance with applicable securities laws. Completion of a further tranche 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. A total of 225,000 of the Units issued in connection with the first tranche of the placement were issued on a flow-through basis, and the proceeds of such Units will be utilized for exploration expenses which qualify as “flow-through mining expenditures” for the purposes of the Income Tax Act (Canada).
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 further tranche of the non-brokered private placement and a work program at the Keefe Lake Uranium Project, the intended use of the proceeds from the 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 - 2 - 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.