ATAC Resources Ltd. Announces C$1M Flow-Through Private Placement
VANCOUVER, BC, April 9, 2021 /CNW/ - ATAC Resources Ltd. (TSXV: ATC) ("ATAC" or the "Company") is pleased to announce a non-brokered private placement offering (the "Offering") of up to C$1,008,000. The Offering will consist of the sale of 4,800,000 flow-through common shares at a price of C$0.21 per share.
"This financing provides flow-through funds to support our previously announced 2021 Yukon exploration work, including advancing a compelling copper porphyry target at our road-accessible Connaught Property," commented Graham Downs, ATAC's President and CEO. "Raising additional flow-through funds gives us the ability to quickly scale-up work in Yukon if results warrant, while preserving our hard dollar reserves for a 4,000 m drill program at East Goldfield in Nevada later this summer."
The proceeds from the sale of the flow-through shares will be used for "Canadian exploration expenses" at the Company's Connaught Property, Rackla Gold Property and other Canadian properties, and will qualify as "flow-through mining expenditures" as defined in the Income Tax Act (Canada). The Offering is scheduled to close on or before April 16, 2021, and is subject to regulatory acceptance.
All securities issued as part of the Offering will be subject to a hold period in Canada of four months plus one day from the closing of the Offering.
About ATAC
ATAC is a Vancouver-based exploration company focused on exploring for gold in Yukon and Nevada. Work on its ~1,700 km2 Rackla Gold Property in Yukon has resulted in the Osiris Project Inferred Mineral Resource of 1,685,000 oz of gold at an average grade of 4.23 g/t (in 12.4 Mt), a positive Preliminary Economic Assessment for the Tiger Gold Deposit (Pre-tax NPV of $118.2M and IRR of 54.5%), and numerous early-stage gold and base metal discoveries. ATAC is well-financed with approximately $5.5 million in working capital.
On behalf of Management and the Board of Directors of ATAC Resources Ltd.
Graham Downs, President and CEO
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SOURCE ATAC Resources Ltd.
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