Vancouver B.C.: TNR Gold Corp. (“TNR” or the “Company”) and wholly-owned International Lithium Corp. (“ILC”) are pleased to announce TNR has closed its non-brokered private placement previously announced on December 8, 2009, which has resulted in gross proceeds to the Company of $3,000,000 (the “Offering”).
The offering consisted of the issuance of 10,000,000 units of the Company (the “Units”) at a price of $0.30 per unit for gross proceeds of $3,000,000. Each Unit consists of one common share and one-half common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $0.40 for a period of twenty four months from December 17, 2009. There is no finder’s fees payable for the placement.
All securities issued pursuant to this Offering are subject to a 4-month hold
period from December 17, 2009.
TNR’s Non-Executive chairman Mr. Kirill Klip has subscribed for 5,000,000 units with the remaining 5,000,000 units subscribed for by a strategic energy sector investor.
Proceeds of the Offering will be used to fund the evaluation of TNR’s Lithium, other Rare Metals and Rare Earth Elements properties, implement the proposed spin-off of International Lithium Corp. and for general corporate purposes.
ABOUT TNR GOLD CORP./INTERNATIONAL LITHIUM CORP.
TNR is a diversified metals exploration company focused on exploring existing properties and identifying new prospective projects globally. TNR has a total portfolio of 33 properties, of which 16 will be included in the proposed spin-off of International Lithium Corp.
It is anticipated that TNR shareholders of record will receive up to one share and one full tradable warrant of International Lithium Corp. for every 4 shares of TNR held as of the yet determined record date. This will result in TNR shareholders owning shares in both TNR and International Lithium. For further details of the spin-off please refer to TNR’s April 27, 2009 news release or visit http://www.internationallithium.com
The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the company’s commitment to generating projects , diversifying its markets, and building shareholder value.
On behalf of the board,