Sold this placement as a flow through investment but it did not qualify for ITC thus they burned the money providers.... Not good to burn the investors that partisipate in placements especially at a premium to market.... Sold under false pretentious.
Tagish Lake Gold to raise $1.7-million in FT financing
2007-09-25 13:09 ET - News Release
Mr. Robert Rodger reports
TAGISH UNDERTAKES $1.7 MILLION NON-BROKERED PRIVATE PLACEMENT OF FLOW-THROUGH UNITS
Tagish Lake Gold Corp. is undertaking a non-brokered $1.7-million private placement offering of flow-through share units at a subscription price of 17 cents per unit. Each unit consists of one flow-through common share in the capital of the company and one-half of one non-transferable common share purchase warrant, each whole warrant entitling the holder to acquire one additional common share at a price of 25 cents per share for 18 months from the date of issuance.
The funds will be used for a 5,000-metre diamond drilling program to test the extensions of the Rainbow Two and Berg zones above the 1,400 m elevation and below the 1,200 m elevation. The anticipated proceeds of the flow-through offering will be used for eligible Canadian exploration expenses as defined in Subsection 66.1(6) of the Income Tax Act (Canada) on the company's Skukum Creek gold-silver deposit.
Completion of this proposed private placement will be subject to the negotiation, execution and delivery of definitive subscription agreements, and TSX Venture Exchange acceptance of the proposed subscribers and documentation related to the offering. Any securities to be issued with will be subject to a hold period of four months from the closing date in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws.
In connection with the flow-through offering the company has agreed with certain eligible registrants to pay a finder's fee in cash of 8 per cent of the proceeds raised from participating subscribers introduced to the company by such registrants and grant finder's warrants on terms similar to those included in the flow-through share units equal to 8 per cent of the units subscribed by such subscribers.
We seek Safe Harbor.
