Artha Announces 1st Tranche Closing of Private Placement of $1,200,000
January 29, 2013 NR-13-01
Artha Announces 1st Tranche Closing of Private Placement of $1,200,000
Artha Resources Corporation (TSX.V -AHC) (the “Company”) announces that it has closed the first tranche of its private placement previously announced in November 2012.
Pursuant to the Offering, 930,000 units (the “Units”) have been placed at a price of $0.05 per Unit for total gross proceeds of $46,500. Each Unit consists of one common share of the Company and one Common share purchase warrant. Each whole warrant will be exercisable into one common share of the Company for a period of 24 months from the Closing of the offering. Directors and insiders have purchased 680,000 share purchase warrants which are exercisable at $0.10 per share in the first year and $0.25 per share in the second year. 250,000 share purchase warrants are exercisable at $0.07 per share in the first year and $0.10 and $0.25 per share in the second year.
Due to the market conditions at the end of 2012, the Company continues to work on the previously announced private placement and raise up to $1,200,000, which consists of up to 24,000,000 units at a price of $0.05 per unit. Each unit will consist of one common share of the Company and one common share purchase warrant. Each whole warrant will be exercisable into one common share of the Company for a period of 24 months from the closing of the offering at an exercise price of $0.10 per share in the first year and $0.25 per share in the second year.
| The net proceeds from the offering are intended to be used to fund | phase one reconnaissance drilling |
| activities at the Company’s Pirquitas properties in the Province of Jujuy, Argentina | |
| working capital purposes |
Artha was founded by a team of mining industry professionals with a proven track record in project generation, exploration, mining and finance. The team’s primary goal is to build Artha into a world class mining company, focused on the discovery, development and mining of economic minerals deposits globally.
On Behalf of the Board of Directors,
“Todd McMurray”
President
For Information Contact:
Todd McMurray Tel: 604 648 1530 Email: [email protected]
www.artharesources.com
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 press release.
Forward-Looking Statements
This press release contains forward-looking information within the meaning of the British Columbia Securities Act relating to the Company’s expectations, intentions, plans and beliefs. Forward-looking statements include statements regarding the Company’s exploration, development and drilling of the Pirquitas properties. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different from any future result expressed or implied by the forward-looking statements. Factors that may cause actual results to vary include, but are not limited to, risks inherent in mineral exploration and development including environmental hazards, unusual or unexpected geological formations; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the Company’s inability to obtain the required licences, permits and regulatory approvals required for the exploration and development of the Pirquitas properties; uncertain political and economic environments; changes in laws or policies; completion for capital and skilled workers; and changes in commodity prices and exchange rates. The Company does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.