We like to see when Juniors deliver on their promise. Looks like this time financing was easy - we are not alone preaching on Green Mobility Revolution, even Bob Moriarty has joined the camp recently. Chinese lead is the most intriguing for us in all this story, Gary Schellenberg is moving fast and Europeans behind the story apparently like his strategy: Non Executive Chairman of the company Kirill Klip is increasing his stake and extending shareholder base of the Junior - we can sense solid strategic planing for launch of the Lithium start up later this year. Last time we checked the guy was based in London and had a few impressive telecoms and banking projects behind his belt. His partners must be following the flow, according to insider filing they were buying all the way from recent low of 0.05CAD. They seem to have a long term horizon in investing and he is building this company accordingly. What other tricks Gary Schellenberg will show us this Autumn, how can he convince them that he has the goods? Insiders are accumulating even now and took this recent financing seriously to keep their hold on promising play. Now the company has money and properties to show that they are holding the goods for the Lithium rush.
We have mentioned before that we are biased here and will advise proper DD for everyone involved.
"Beijing will use its foreign exchange reserves, the largest in the world, to support and accelerate overseas expansion and acquisitions by Chinese companies, Wen Jiabao, the country’s premier, said in comments published on Tuesday."
TNR Gold Corp. Closes 5,900,000 Units Private Placement
TNR Gold Corp. (TSX VENTURE:TNR) ("TNR" or the "Company") is pleased to announce it has closed its non-brokered private placement previously announced on July 6th, 2009, and subsequently increased on July 20th, 2009, which has resulted in gross proceeds to the Company of $1,180,000 (the "Offering").The offering consisted of the issuance of 5,900,000 units of the Company (the "Units") at a price of $0.20 per unit for gross proceeds of $1,180,000 (the "Offering"). Each Unit consists of one common share and one-half common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $0.30 for a period of twelve months from the date of closing.All securities issued pursuant to this Offering are subject to a 4-month hold period from the date of closing.
TNR's Non-Executive chairman Mr. Kirill Klip along with Canada Zinc Metals Corp, have subscribed for a significant portion of the financing along with other insiders and management.
Proceeds of the Offering will be used to fund the evaluation of TNR's Lithium and Rare Metal properties, implement the proposed spin-off of International Lithium Corp. and for general corporate purposes.
ABOUT TNR GOLD CORP.TNR is a diversified metals exploration company focused on identifying and exploring existing properties in Argentina and Alaska and new prospective projects globally. Upon approval of pending licences in Ireland, TNR will have a total portfolio of 32 properties, of which 16 will be included in the proposed spin-off of International Lithium Corp. It is anticipated that TNR shareholders of record will receive one share and one full tradable warrant of International Lithium Corp. for every 4 shares of TNR held as of the yet determined record date. This will result in TNR shareholders owning shares in both TNR and International Lithium. For further details of the spin-off please refer to TNR's April 27, 2009 news release or visit http://www.internationallithium.com/.
The recent acquisition of lithium projects in Argentina, Canada, USA and Ireland confirms the Company's commitment to project generation, market diversity and building shareholder value.On behalf of the board,Gary Schellenberg, Chairman and CEO