VANCOUVER, BRITISH COLUMBIA, Apr. 21, 2010 (Marketwire) -- Taku Gold Corp. (TSX VENTURE:TAK) is pleased to announce that it is arranging a non-brokered private placement of up to eight million units at a purchase price of $0.25 per unit for proceeds of up to $2,000,000. Each unit shall consist of one common share and a half warrant with each full warrant entitling the holder to purchase one common share at an exercise price of $0.35 per share for the first 12 months from the closing date and at an exercise price of $0.50 per share thereafter.
The warrants will expire 24 months from the closing date subject to an acceleration clause whereby Taku will have the right to step up the expiry date if the weighted average trading price remains equal to or greater than $0.10 above the exercise price for ten consecutive trading days. In the event that Taku elects to step up the expiry date of the warrants, it will give written notice to the warrant holders that the warrants will expire within 30 days of the date of the notice. Such notice may not be given until four months and one day after the closing date.
The securities sold under the private placement will be issued pursuant to exemptions from the prospectus and registration requirements of applicable securities laws, subject to the receipt of necessary regulatory approvals and to a four month hold period from the closing date. Finders fees, if applicable, will be payable within the TSX Venture Exchange guidelines.
Proceeds from the private placement will be used to advance Taku's aggressive acquisition and exploration strategy in the White Gold district of Yukon. "Taku aims to be a major player in the White Gold area and hard dollars are required to put this ambitious plan into effect," stated Zak Dingsdale, President and CEO.
Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors identified above and in the corporation's periodic filings with the British Columbia Securities Commission and the U.S. Securities Exchange Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The corporation does not intend to update this information and disclaims any legal liability to the contrary.
Shares Issued 19,452,639
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.