VANCOUVER, May 9, 2018 /CNW/ - ATAC Resources Ltd. (TSX-V:ATC) ("ATAC" or the "Company") announces a non-brokered private placement offering (the "Offering") of up to $3,000,000, to consist of the sale of up to 5,000,000 flow-through shares at a price of $0.60 per share. The Offering is subject to TSX Venture Exchange acceptance.
"This flow-through financing will allow ATAC to pursue aggressive exploration programs at Rackla while preserving hard dollars for potential engineering and development activities," commented President and CEO Graham Downs. "Crews will be onsite within the week in preparation for our largest diamond drilling campaign since 2012."
The flow-through funds will be used to finance approximately 10,000 meters of diamond drilling at ATAC's Osiris project. As part of its option earn-in requirements, Barrick Gold Corporation will also fund approximately 12,000 meters of diamond drilling at the Orion project during the 2018 field season.
All securities issued as part of the Offering will be subject to a hold period in Canada of four months plus one day from closing. Finders' fees may be paid on a portion of the Offering.
About ATAC
ATAC is a Yukon-based exploration company focused on developing Canada's only known Carlin-type gold district at the Rackla Gold Property. Recent work on the ~1,700 km2 property has resulted in a positive Preliminary Economic Assessment for the Tiger Gold Deposit, drilling of multiple high-grade Carlin-type gold zones and the identification of numerous early-stage gold exploration targets. ATAC and Barrick Gold Corporation recently partnered to explore the Rackla Gold Property's Orion Project, with Barrick having the option to earn up to 70% of Orion by spending $55 million in exploration. ATAC is well-financed with approximately $13 million in its treasury and recently completed an approximately $10 million exploration program at the Osiris and Rau Projects (which are not subject to Barrick's earn-in right), while concurrently working with Barrick to advance the 780 km² Orion Project.
On behalf of the Board of Directors of ATAC Resources Ltd.
Graham Downs, President and CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
SOURCE ATAC Resources Ltd.
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Matthew Keevil, VP, Corporate Affairs, ATAC Resources Ltd., T: 604-687-2522 ext. 260, mkeevil@atacresources.com