09:46:27 EST Tue 31 Jan 2023
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Tsodilo Resources Ltd
Symbol TSD
Shares Issued 49,837,081
Close 2023-01-25 C$ 0.30
Recent Sedar Documents

Tsodilo Resources closes $500,188 private placement

2023-01-25 14:41 ET - News Release

Mr. James Bruchs reports

TSODILO RESOURCES LIMITED CLOSES PRIVATE PLACEMENT FINANCING FOR UNITS

Tsodilo Resources Ltd. closed the previously announced private placement financing (for gross proceeds to the company of $500,188.20 on Jan. 25, 2023, through the issuance of 2,500,941 units of securities of the company at a subscription price of 20 cents per unit.

As previously announced, each unit comprises one common share in the capital of the company and one common share purchase warrant of the company. Each warrant entitles the holder thereof to purchase one common share for a period of 24 months from the date of issuance at an exercise price of 20 U.S. cents. The common shares (including the common shares underlying the warrants) and the warrants comprising the units are subject to a statutory four-month-and-one-day hold period, which expires on May 26, 2023. Proceeds from the private placement will be used for the advancement of the Xaudum iron formation project in Botswana and for general corporate purposes and working capital.

As previously disclosed, a director of the company subscribed for 100,000 units. As a result, the private placement is a related party transaction (as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The company is exempt from the formal valuation requirement in Section 5.4 of MI 61-101 in reliance on Section 5.5(a) of MI 61-101 as the fair market value of the private placement, insofar as it involves the director, is not more than the 25 per cent of the company's market capitalization. Additionally, the company is exempt from minority shareholder approval requirement in Section 5.6 of MI 61-101 in reliance on Section 5.7(a) of MI 61-101 as the fair market value of the private placement, insofar as it involves the director, is not more than 25 per cent of the company's market capitalization.

About Tsodilo Resources Ltd.

Tsodilo Resources is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Pty. Ltd. and Gcwihaba Resources Pty. Ltd. projects in Botswana. The company has a 100-per-cent stake in Bosoto, which holds the BK16 kimberlite project in the Orapa kimberlite field (OKF) in Botswana, and a 100-per-cent stake in its Gcwihaba project area consisting of five metal (base metals, precious metals, platinum group metals and rare earth metals) prospecting licences -- all located in the North-West district of Botswana. Tsodilo manages the exploration of the Gcwihaba and Bosoto projects.

We seek Safe Harbor.

© 2023 Canjex Publishing Ltd. All rights reserved.