EARLY WARNING REPORT DECEMBER 23, 2010
On Dec. 21, 2010, Kirill Klip acquired 3.28 million common shares at a price of 10 cents in the capital of TNR Gold Corp. through the exercise of 3.28 million warrants previously issued to Mr. Klip on Feb. 18, 2010. The warrant shares represent approximately 2.37 per cent of the outstanding common shares of TNR.
After giving effect to the issuance of the warrant shares, Mr. Klip now holds, directly or indirectly, a total of 26.15 million common shares, 2.5 million warrants and 1.6 million stock options. As at Dec. 21, 2010, TNR had 137,901,447 common shares outstanding, of which Mr. Klip owned, or exercised control or direction, a 21.30-per-cent interest, assuming exercise of all of the foregoing warrants and stock options.
The warrant shares of TNR were acquired by Mr. Klip for investment purposes. Subject to availability, price, the general state of the capital markets and the financial condition of TNR from time to time, Mr. Klip may purchase or sell securities of TNR.
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