MONTREAL, June 10, 2020 (GLOBE NEWSWIRE) -- Tarku Resources Ltd (TSX-V: TKU) (the “Company” or “Tarku”) announces that it intends to issue an aggregate of 1,400,468 common shares in settlement of debts in an aggregate amount of $86,128.73. The debts resulted from exploration services ($75,628.13) and conference services ($10,500) provided by two creditors of Tarku (the "Debt Settlement") from February 2019 to April 2019.
The common shares to be issued pursuant to the exploration services Debt Settlement will be issued at a deemed price of $0.06 per share; The common shares to be issued pursuant to the conference services Debt Settlement will be issued at a deemed price of $0.075 per share and all common shares will be subject to a four-month hold period pursuant to applicable securities legislation and the policies of the TSX Venture Exchange.
About Tarku Resources Ltd. (TSX-V: TKU)
Tarku is an exploration company focused on the “Three A’s” exploration projects, (Apollo, Admiral and Atlas Projects), in the Matagami greenstone belt, which has been interpreted by management as the eastern extension of the Detour Belt in Quebec, and which has seen recent exploration successes by Midland Exploration, Balmoral Resources and Probe Metals.
Project generation is the foundation of creation wealth in the mining business. Tarku is interested in generating sustainable projects by conducting exploration in areas with strong geologic potential and high levels of social acceptability within Québec, and projects that can be explored and developed quickly with the support of the community. Tarku has 14,595,113 outstanding shares, of which approximately 80% are owned by insiders and major shareholders. Management is currently reviewing several opportunities and projects to build up the Company portfolio and generate shareholder value.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Tarku’s periodic reports including the annual report or in the filings made by Tarku from time to time with securities regulatory authorities.