Tsodilo Resources Limited has announced that it has negotiated a non-brokered private placement of 1,116,075 units of the company at a price per Unit of CDN $1.10, which will provide gross proceeds to the company in the amount of CDN $1,227,682. Proceeds from the private placement will be added to the Company’s working capital.
The company said each unit will consist of one common share and one common share purchase warrant of the Company, each such warrant entitling the holder to purchase an additional common share of the Company for a period of two years from the date of closing at a price of USD $1.10.
The common shares and the warrants comprising the Units and the common shares underlying the warrants will be subject to a four month hold period from the date of closing per applicable regulatory requirements. Two current directors of the Company have subscribed for 808,936 Units (CDN $889,830) of the placement. Closing of the private placement remains subject to the approval of the TSX Venture Exchange.
Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Gcwihaba Resources (Pty) Limited and Bosoto (Pty) Limited projects in Botswana.
The Gcwihaba project area: 494 km2 under Precious Stone – diamond licenses; 11,158 km2 Metal (base, precious, platinum group, and rare earth) licenses both active and in renewal; and, 3,911 km2 under Radioactive Minerals licenses is 100% held by the Company. The Company has a 75% stake in Bosoto (Pty) Ltd. Tsodilo manages the exploration of the Gcwihaba and Bosoto license areas.
The company has offices in Toronto, Canada and Gaborone and Maun, Botswana.