Tawsho Mining Inc. Announces Management Changes and Private Placement Financing
CONCORD, ONTARIO -- (Marketwired) -- 06/18/13 -- Tawsho Mining Inc. (TSX VENTURE: TAW) ("Tawsho" or the "Corporation") is pleased to announce the appointment of Mr. Stephen Balch (P.Geo.) as President and Chief Executive Officer ("CEO") of the Corporation. Mr. Balch has 28 years of experience as an exploration geophysicist and has been involved with public companies since 2004.
Commenting on the appointment, Executive Chairman Zoran Arandjelovic stated "Steve is an important and welcome addition to our team, given his strong background in mineral exploration and familiarity with public companies and financial markets." Mr. Balch will also join the Board of Directors of Tawsho. The appointment is subject to the acceptance of the TSX Venture Exchange.
Mr. Joseph Feldman will resign as President and CEO but will remain as a Director of the Corporation. Tawsho greatly appreciates Mr. Feldman's continuing efforts in supporting the Corporation.
The Corporation also announces a non-brokered private placement offering to arm's-length and non-arm's-length parties (the "Offering"). It is anticipated that insiders of the Corporation may subscribe for at least 25% of the Offering and as much as 100%.
Tawsho intends to issue up to 1,600,000 flow-through (FT) units at a price of $0.125 per unit, to raise gross proceeds of up to $200,000 and 1,000,000 hard dollar (HD) units at a price of $0.10 per unit, to raise gross proceeds of $100,000 for total gross proceeds of up to $300,000.
Each FT unit will consist of one flow-through common share and one half of a common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase one non-flow-through common share of Tawsho at a price of $0.20 per share for a period of two years from the date of issuance.
Each HD unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share of Tawsho at a price of $0.20 per share for a period of two years from the date of issuance.
The Offering is subject to the acceptance of the TSX Venture Exchange. The Corporation may pay finder's fees in cash and/or securities of the Corporation in respect of the Offering. All securities issued to purchasers and finders under the Offering will be subject to a four-month hold period from the date of issuance of the securities, pursuant to applicable securities legislation and the policies of the TSX Venture Exchange. The proceeds of the Offering will be used for the exploration and development of Tawsho's graphite project in Newfoundland, the Chevrier gold project in Quebec, and for general working capital.
ABOUT TAWSHO MINING INC:
Tawsho is a mining exploration company focused on the acquisition, exploration and development of gold resources and advanced stage gold exploration projects. The Corporation is presently developing its Whisker Valley Property (comprised of 764 claims, covering an area of 19,100 hectares, or 191 sq. km) and its Cabot Property (comprised of 102 claims covering and area of 2,550Ha or 25.5sq. km) both located in Baie Verte Peninsula, Newfoundland and its Chevrier Property (comprised of 557 claims, covering an area of 9542 hectares, or 95.4 sq. km) located in the Chibougamau region of Quebec. Tawsho currently has approximately 26.7 Million shares outstanding.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as a term that is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contacts:
Tawsho Mining Inc.
Mr. Stephen Balch
President & CEO
(905) 407-9586
sbalch@tawshomining.com