Tarsis Resources (CVE:TCC) is raising $300,000 to advance its current projects, in Nevada, Mexico and the Yukon, Canada, in the hopes of optioning out another project in the first quarter of next year.
Through a private placement, the company told investors late Thursday it will issue 4 million units at a price of 7.5 cents apiece. The units will be made up of one common share and one share purchase warrant, which allows the holder to buy an additional share for a price of 15 cents each for a period of three years.
The junior explorer functions on a prospect generator business model, which means it seeks out prospective exploration projects to acquire, and then vends or options them to partners for development.
It said the proceeds from the financing will be used to advance early-stage exploration on its projects, as well as for general working capital, while larger project-based exploration expenses will be sought through additional option partnerships.
The company recently unveiled significant early-stage developments on three projects -- the BP project in Nevada, the Yago project in Mexico and the Tim project in the Yukon. Tarsis said all three of these properties have "excellent potential" for significant discoveries, and are now in the process of being presented to potential partners.
Earlier this month, the company revealed some high grade channel sampling results from its Tim property, after a short program was conducted in September to re-evaluate an historical silver-lead rich zone.
The company, which optioned out its Erika property in Mexico to Osisko Mining (TSE:OSK) earlier this year, has been able to raise funds from some marquee names due to its business model in a tough market, including the likes of Kinross Gold (TSE:K), Sprott's Rick Rule and Almaden Minerals.
Tarsis said Thursday that exploration has been actively underway at its Erika project since July, with an update to be provided shortly.