VANCOUVER, Apr 29, 2008 (Canada NewsWire via COMTEX News Network) --
/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
Tenajon Resources Corp. (TJS-TSX:V) is pleased to announce a bought deal private placement with a syndicate of underwriters led by Canaccord Capital Corporation and including Blackmont Capital Inc. and Dundee Securities Corp. (collectively the "Underwriters") 5,500,000 flow-through common shares (the "Flow-Through Common Shares") at a price of C$0.55 per Flow-Through Common Share for gross proceeds of C$3,025,000.
As consideration to the Underwriters, Tenajon has agreed to pay a commission of 7.0% of the total proceeds raised upon closing and issue underwriters' warrants ("Underwriters' Warrants") equal to 7.0% of the Units issued pursuant to this Offering. Each Underwriters' Warrant will be exercisable to acquire one common share at $0.55 expiring 12 months after the closing date.
The Company has also granted the Underwriters an over-allotment option to increase the offering by up to $550,000, exercisable 48 hours prior to closing.
The Company intends to use the net proceeds for general exploration expenditures which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and renounced for the 2008 taxation year.
Upon conclusion of the Company's proposed sale of its wholly owned subsidiary 0781639 B.C. Ltd. to Pinnacle Mines Ltd., ("Pinnacle") purchasers under this Private Placement will receive a pro-rata number of Pinnacle common shares pursuant to the terms of the proposed plan of arrangement. The closing of the sale of 0781639 B.C. Ltd. to Pinnacle will take place after the completion of this Private Placement and purchasers under this Private Placement will be shareholders on the record date for the determination of the distribution of the Pinnacle common shares.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
SOURCE: Tenajon Resources Corp.
Investor Contacts: Bruce McLeod, (604) 687-7545 or Brad Kopp, (604) 687-7545; Corporate Information: Bruce McLeod, President, CEO, Director, Suite 860 - 625 Howe Street, Vancouver, BC, Canada, V6C 2T6, Tel: (604) 687-7545, TF: 1-888-338-2200, Fax: (604) 689-5041, Email: info@tenajon.com |
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