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Tarsis Resources wraps up bolstered financing for prospect generation efforts

Tarsis Resources wraps up bolstered financing for prospect generation efforts

Tarsis Resources (CVE:TCC) has now closed the financing it increased earlier this week from its original size announced last month, with proceeds to be used for its prospect generation efforts in the Yukon, Mexico and the U.S., as well as for early-stage work to advance its existing properties to joint venture status. 

The junior explorer's prospect generator business model means it seeks out prospective exploration projects to acquire, and then vends or options them to partners for development. 

On Monday, it said it would be raising $362,750, an increase from the $300,000 announced in late November. The financing consisted of 4.84 million units at a price of 7.5 cents each. 

Each unit was made up of one common share and one share purchase warrant, with every warrant allowing the holder to buy an additional share for a period of three years, at a price of 15 cents apiece. 

Tarsis said company insiders took up 2.1 million units of the offering. The Canadian junior now has 47.97 million shares outstanding. 

The company recently unveiled significant early-stage developments on three of its existing 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.

Tarsis, 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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