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Tahera Corporation Closes Private Placement |
11/18/2003 |
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Download this Press Release
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Tahera Corporation is pleased to announce that it has closed the previously announced $8 million private placement financing.
Tahera issued 50 million units at $0.16 per unit for gross proceeds of $8 million. Each unit consists of one common share and one-half common share purchase warrant. Each whole common share purchase warrant entitles the holder to acquire one common share of Tahera for $0.22 per share for a period of 36 months following the closing.
Griffiths McBurney & Partners acted as lead underwriter in a syndicate that also included Dundee Securities Corporation and Paradigm Capital Inc.
Tahera will utilize the proceeds of the financing to fund exploration and development activities with respect to its Jericho Diamond Project and other diamond properties, and for general corporate purposes.
Tahera’s net cash position is now approximately $13.5 million, and the Company is highly focused and well financed to pursue its 2004 development and exploration programs.
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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