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Tahera Announces Completion Of Next Stage Of Edensor Financing |
11/17/2000 |
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Download this Press Release
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Toronto – Friday November 17, 2000
Edensor Financing
Tahera is pleased to announce the successful completion of the next stage of the previously announced private placement with Edensor Nominees Pty Ltd. (“Edensor”). Edensor is a trustee for the Joseph Gutnick family trust.
The Edensor financing involves the staged issue of 104,000,000 Common Shares of Tahera to Edensor at an average price of $0.125 per share for gross proceeds of $13,000,000, and the issue of approximately 52,000,000 Series A Warrants. The Series A Warrants are exercisable for a period of 48 months from the date of issue at a subscription price of $0.15.
The latest stage of the Edensor financing involved the issuance to Edensor of an aggregate of 27,542,373 Common Shares and 26,720,757 Series A Warrants for gross proceeds of $3,250,000. Edensor currently owns 82,333,333 Common Shares of Tahera Corporation, or approximately 31% of the issued and outstanding Common Shares of the Company and is Tahera’s largest shareholder.
The final stage of the Edensor financing is expected to occur on or about March 1, 2001 and will involve the issuance of 21,666,667 Common Shares at a price of $0.15 for proceeds of $3,250,000. Following this final stage, Tahera Corporation will have 288,766,254 shares outstanding of which Edensor will own 104,000,000 shares.
Joseph Gutnick Appointed Executive Chairman
Mr. Joseph Gutnick has been appointed Executive Chairman of Tahera Corporation. Mr. Gutnick is one of Australia's leading mining entrepreneurs. He is a fellow of the Australasian Institute of Mining and Metallurgy, a fellow of the Australian Institute of Management and a Director of the World Gold Council. Mr. Gutnick is currently President of Bay Resources Ltd. (OTC:BYRE) and Chairman and Managing Director of five listed public companies in Australia and Non-Executive Chairman of one listed public company in Australia. Mr. Gutnick headed the team that was responsible for the discovery and development of three world-class mines in Australia, namely the Bronzewing and Jundee gold mines and the Cawse Nickel Operations and the discovery of the Plutonic gold mine.
Other Management and Board Appointments
Tahera is pleased to announce that Mr. Paul Stein has been appointed a Director of the Corporation to replace Mr. Glenn Laing who resigned in September 2000. In addition, David Gold, a Director of the Corporation has been appointed Vice President Corporate Affairs, and Martin St. Pierre, Tahera’s Exploration Manager, has been promoted to the position of Vice President Exploration.
Mr. Roy Meade resigned from his position as Executive Director of the Corporation in October 2000. Mr. Meade’s primary responsibilities with Tahera were fulfilled when the Jericho Diamond Project feasibility study was completed in June 2000.
Winter Exploration Program
Following assessment of the Summer 2000 exploration data, further definition of the numerous kimberlite indicator mineral trains and geophysical anomalies in the Jericho kimberlite pipe area has been completed. The results support the view that there are multiple kimberlite sources in the region. The exploration team is currently prioritizing targets for drill testing in the Jericho and Bird Lake areas in early 2001. Any future economic kimberlite discoveries on Tahera’s landholdings in the vicinity of the Jericho diamond pipe may potentially enhance the scale of Tahera’s planned diamond mining operation.
Jericho Diamond Project
The feasibility study, completed in June 2000, indicates that the Jericho Diamond Project (the “Project”) is technically and economically robust with planned production in excess of 3,000,000 carats over 8 years. Tahera submitted a water permit application and two land lease applications for the Project to the regulatory authorities in September 2000. A revised Environmental Impact Study (EIS) for the Project was submitted to the regulatory authorities in November 2000. Tahera is optimistic that regulatory approvals for the Project will be received during 2001, leading to commercial diamond production in 2003.
The common shares of the Company trade on The Toronto Stock Exchange under the symbol "TAH”.
For further information, please contact:
Grant Ewing, Vice President Investor Relations and Corporate Development
Tel: (416) 777-1998
Fax: (416) 777-1898
Email: investor@tahera.com
www.tahera.com
Tahera Corporation is focused on exploring its highly prospective landholdings in Nunavut Territory. In tandem with this diamond exploration focus, Tahera is committed to bringing its wholly-owned Jericho Diamond Project to commercial production. Tahera also has interests in extensive exploration landholdings in Nunavut and the NWT through exploration Joint Ventures with Kennecott Canada Exploration Inc. and Ashton Mining of Canada Inc.
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