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Tarsis Resources to close oversubscribed financing, raises more than expected

Tarsis Resources to close oversubscribed financing, raises more than expected

Tarsis Resources (CVE:TCC) says it will raise more than expected from an oversubscribed financing initially announced last month, which included support from existing investors. 

The junior explorer is raising $362,750, an increase from the $300,000 announced in late November, with the financing expected to close shortly. 

"Tarsis is pleased with the strong support shown by our investors. The financial and exploration teams at Tarsis are committed to working hard to achieve good returns for these investors through the project generation model we are following in North America," said president and CEO Marc Blythe. 

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.

With the increase in the financing, the company is now offering 4.84 million units at a price of 7.5 cents apiece. Each unit is made up of one common share and one share purchase warrant, with every warrant allowing for the purchase of an additional share at a price of 15 cents, for a period of three years. 

Tarsis said insiders of the company took up a total of 2.1 million units. 

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.

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