Mr. James Sinclair reports
TANZANIAN GOLD CORPORATION ANNOUNCES PUBLIC OFFERING OF COMMON SHARES
Tanzanian Gold Corp. has commenced an underwritten public offering of up to 6,695,652 common shares at 57.5 cents per share. R.F. Lafferty Co. Inc. is acting as underwriter to offer and sell the common shares on a best efforts basis.
The company intends to use the net proceeds from the offering at the Buckreef project primarily to (i) further its continuing ultradeep exploration drilling program testing up to 1,200 metres deep; (ii) initiate open-pit mining for oxide ore and work to construct and operate a 15-tonne-per-hour oxide processing facility; and (iii) continue to fast-track necessary testing and studies to further refine the Buckreef open pit, and develop the larger processing plant all to further the completion of the company's National Instrument 43-101 definitive feasibility study. The company is pleased to report that these three work programs are being executed in parallel. In addition, net proceeds will also be used for working capital and other general corporate purposes.
The offering will be made pursuant to the company's existing effective shelf registration statement, previously filed with the Securities and Exchange Commission.
We seek Safe Harbor.
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