Takara Appoints Vice President Exploration & Receives Final TSXV Approval of Private Placement Financing
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PRESS RELEASE
TAKARA APPOINTS VICE PRESIDENT EXPLORATION & RECEIVES FINAL TSXV APPROVAL OF PRIVATE PLACEMENT FINANCING
Toronto, Ontario, November 1, 2010 – Takara Resources Inc. (TSX.V:TKK) (“Takara” or the “Company”) announces that Dr. Tania Ilieva, P. Geo., has been appointed Vice President Exploration. Dr. Ilieva had been working in Guyana with Sandspring Resources Inc. on its Toroparu gold-copper project prior to joining the Takara team, and this experience in the Guiana Shield will be instrumental in leading the Company’s efforts in advancing its Guyanese gold projects. See News Release dated March 18, 2010 for details on Mineral Resource Estimation on the Tassawini project prepared by SRK Consulting (Canada) Inc.
Dr. Tania Ilieva has managed several other exploration projects both in Canada and internationally, including Bulgaria, Armenia, and Brazil. Her expertise is primarily in gold, however, Dr. Ilieva also has specific experience with silver, base metals and lithium gold. Dr. Ilieva has also worked with geological consulting firms such as Watts, Griffis and McQuatt Ltd. and Caracle Creek International Consulting Inc.
Additionally, Takara announces that further to its press release dated October 15, 2010, the TSX Venture exchange has granted final approval for the private placement offering of 11,902,819 Units at a price of $0.21 per Unit for aggregate gross proceeds of $2,499,592. Each Unit was comprised of one Common Share of Takara and one half of one non-transferable share purchase warrant. Each full warrant entitles the holder to acquire an additional Common Share at a price of $0.29 at any time within 18 months of issuance.
If on any 20 consecutive trading days after the issuance of the purchase warrants, the closing sales price (or closing bid price on the days when there are no trades) of the common shares of Takara on the TSX Venture Exchange is greater than $0.45, the expiry date of the purchase warrants shall accelerate and be automatically amended to be the 30th day after the date on which the Company gives notice to the Warrant holder of such acceleration. Takara also wishes to issue a correction in that the Company paid brokers or other third parties (the “Finder”) a 6% cash finder’s fee totalling $125,400.12.
Lastly, the Company announces the granting of 200,000 incentive stock options to an officer of the Company exerciseable at a price of $0.25 per share for a period of five years.
About Takara
Takara Resources Inc. is a Canadian based (TSX.V:TKK) is a gold company focused on the exploration and development of its Guyana gold assets held within a wholly-owned subsidiary, StrataGold Guyana Inc., including two advanced-stage gold projects within the Guyana Shield, namely: (i) the 100% owned Tassawini Gold Project; and (ii) a 30% interest in the BRL Venture.
For further information on Takara Resources Inc., please contact:
Jennifer L. Boyle, B.A., LL.B., President and Chief Executive Officer
(647) 430-0966 (work) (416) 904-2714 (cell)
This press release, required by applicable Canadian laws, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States securities act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Further, neither the 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 news release.