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Tahera Corporation Agrees to $8 Million Underwritten Private Placement |
10/31/2003 |
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Download this Press Release
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Further to Tahera Corporation’s October 23, 2003 news release, Tahera is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Griffiths McBurney & Partners, and including Dundee Securities Corporation and Paradigm Capital Inc. pursuant to which the underwriters have agreed to purchase 50 million units from Tahera and sell the units to qualified investors at a price of $0.16 per unit for gross proceeds of $8 million.
Each unit will consist of one common share and one-half common share purchase warrant. Each whole common share purchase warrant will entitle the holder to acquire one common share of Tahera for $0.22 per share for a period of 36 months following the closing.
Tahera intends to utilize the net proceeds from the private placement to fund exploration and development activities with respect to its Jericho Diamond Project and other diamond properties, and for general corporate purposes.
Closing of the financing is scheduled to occur on or about November 18 2003 and is subject to the entering into of definitive documentation and the receipt of all requisite regulatory and stock exchange approvals.
Not for distribution to United States newswire services or for dissemination in the United States.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
About Tahera Corporation
Tahera Corporation (www.tahera.com), a unique Canadian diamond Company, is focused on developing its wholly-owned Jericho Diamond Project as CANADA'S NEXT and NUNAVUT'S FIRST DIAMOND MINE. Tahera has several other prospective diamond projects in Canada's prolific Slave Craton. The common shares of the Company trade on the TSX under the symbol 'TAH'.
For further information: Tahera Corporation
Grant Ewing - Vice President, Investor Relations & Corporate Development
Tel: (416) 777-1998 Fax: (416) 777-1898 Toll free: (877) 777-2004 Email: investor_relations@tahera.com
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