Tawsho Mining Inc. Exploration Update and Completion of Financing
April 29 2014 - 3:30PM
Marketwired
Tawsho Mining Inc. Exploration Update and Completion of Financing
TORONTO, ONTARIO--(Marketwired - Apr 29, 2014) - Tawsho Mining
Inc. (TSX-VENTURE:TAW) ("Tawsho" or the "Corporation") is pleased
to provide an exploration update for its Cabot Graphite Property
and details on the completion of financing.
Tawsho has accepted a Metallurgical Operations Proposal from SGS
Canada Inc. ("SGS") to evaluate graphite samples from the Cabot
Graphite Property located 10 km north of Baie Verte in
Newfoundland. The study will determine the purity, grade and flake
size distribution from a composite graphite sample taken from the
previous drill program. The study is expected to be completed by
June 2014.
Tawsho has engaged the geological services of Caracle Creek
International Consulting Inc. ("Caracle Creek") to complete the
sampling program on the four previously drilled holes at the Cabot
Graphite Property (see news release dated November 12, 2013, for
original results). Caracle Creek has taken 240 additional samples
to be assayed and integrated with the previous assay results.
Caracle Creek also noted that drillholes CB13-03 and CB13-04 ended
in graphite indicating that the thickness of the zone may be
greater than was originally thought. Caracle Creek has also taken a
representative composite sample of the graphite for the SGS
metallurgical study.
Tawsho is also pleased to announce that it has completed its
non-brokered private placement offering to arm's-length and
non-arm's-length parties (the "Offering"), as announced in a
previous news release dated April 4, 2014. The Corporation issued
625,000 hard dollar units ("HD Units") at a price of $0.08 per HD
Unit for proceeds of $50,000 and 1,666,700 flow-through units ("FT
Units") at a price of $0.09 per FT Unit, for proceeds of $150,003,
for total gross proceeds of $200,003. Tawsho has 31,543,549 common
shares issued and outstanding following completion of this private
placement.
In the Corporation's news release dated April 4, 2014, the
number of issued and outstanding common shares was incorrectly
stated to be 25,251,849, when it should have stated 29,251,849,
which was the number of common shares issued and outstanding prior
to completion of this financing.
Each HD unit consists of one common share and one common share
purchase warrant. Each common share purchase warrant entitles the
holder to purchase one common share of Tawsho at a price of $0.12
per share until April 29, 2016. Each FT unit consists of one
flow-through common share and one common share purchase warrant.
Each warrant entitles the holder to purchase one common share of
Tawsho at a price of $0.12 per share until April for a period of
two years from the date of issuance. All securities issued pursuant
to the Offering are subject to a hold period of four months and one
day which expires August 30, 2014, in accordance with applicable
securities regulatory and TSX Venture Exchange requirements.
Insiders of the Corporation subscribed for 74.5% of the
Offering. No finder's fees were paid by the Corporation in respect
of the Offering.
Stephen Balch (P.Geo.), President & CEO of Tawsho Mining
Inc., is a Qualified Person under the definition of National
Instrument 43-101 and has reviewed and approved the technical
content in this press release.
ABOUT TAWSHO MINING INC.
Tawsho is a mining exploration company focused on the
acquisition, exploration and development of gold resources and
advanced stage gold exploration Properties. The Corporation is
presently developing its Cabot Graphite Property (comprised of 102
claims covering and area of 2,550Ha or 25.5sq. km) both located in
Baie Verte Peninsula, Newfoundland and its Chevrier Gold Property
(comprised of 557 claims, covering an area of 9542 hectares, or
95.4 sq. km) located in the Chibougamau region of Quebec.
Tawsho currently has approximately 31,543,549 common shares
issued and outstanding.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as a term that is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
Tawsho Mining Inc.Mr. Stephen BalchPresident & CEO(905)
407-9586sbalch@tawshomining.com
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