MONTREAL, April 24, 2020 (GLOBE NEWSWIRE) -- Tarku Resources Ltd. (TSX-V: TKU) (the "Company" or "Tarku") announces the signing of agreements concerning the issuance of shares in payment of debts of Tarku owed to two directors and officers. Tarku has received the conditional approval of the TSX Venture Exchange with respect to such insurance and plans, subject to the shareholder approval at the AGM, to issue a total of 2,879,916 common shares, at a price of $0.069 per share.
Tarku plans to issue such common shares in order to conserve its funds. Shares to be issued will be subject to a hold period of four (4) months and one (1) day, and once the transaction is completed, Tarku will have repaid most of its debts to these directors and officers.
AGM
The Company announces changes to its planned Annual and Special Meeting of Shareholders with respect to the COVID 19 pandemic. In complying with government guidelines, the Annual and Special Meeting of Shareholders scheduled to take place on May 15, 2020, has been moved to May 25, 2020 at 11:00 am and will only take place by phone to ensure the health and safety of all participants. The record date of April 9, 2020 remains unchanged and all information will be contained in the meeting materials that will be sent to shareholders on April 30, 2020.
Changes to the Board
The Board of Directors of Tarku also announce the resignation of Michael Collins from the Board of Directors. The Board wishes him well in his future endeavours.
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 11,715,197 outstanding shares, of which approximately 70% 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.