Vancouver, British Columbia, April 27, 2016 – Telson Resources Inc. (TSX Venture – TSN) ("Telson" or the "Company") is pleased to announce that it has closed its non-brokered private placement originally announced on March 1, 2016, consisting of 12,367,333 units of the Company at a price of $0.12 per unit for gross proceeds of $1,484,080. Each unit is comprised of one common share and one half of one whole transferable share purchase warrant. Each whole share purchase warrant entitles the holder thereof to purchase one additional common share of the Company at $0.12 within twenty-four (24) months from closing. All securities issued under the non-brokered private placement are subject to a hold period expiring four months and one day after the closing date. Total issued and outstanding shares in the Company after completion of the private placement is 92,885,578.
This press release is being disseminated as required by National Instrument 62-103 The Early Warning System and Related Take Over Bids and Insider Reporting Issues in connection with the filing of an early warning report (the "Early Warning Report") regarding the acquisition of securities of the Company by Promotora de Sistemas de Informacion S.A.P.I. de C.V. ("Promotora") and Estrategica Corporativa en Finanzas, S.A.P.I. de C.V. ("Estrategica") of Mexico who are acting jointly or in concert.
Estrategica acquired 3,333,333 shares of the Company at a price of $0.12 per Share and Warrants to acquire an additional 1,666,666 Shares at a price of $0.12 per Warrant under the Private Placement. Accordingly, Promotora and Estrategica beneficially own an aggregate of 24,293,333 Shares of the Company, representing approximately 26.15% of the 92,885,578 issued and outstanding Shares of the Company on an undiluted basis and approximately 34.69% of the Company's 105,032,244 issued and outstanding Shares, on a partially diluted basis, assuming exercise of the Warrants held by Estrategica and Promotora.
Promotora and Estrategica acquired the securities for investment purposes and may increase or decrease their beneficial ownership or control depending on market or other conditions.
A copy of the Early Warning Report for Promotora and Estrategica can be found under the Company's profile at www.SEDAR.com.
Use of Proceeds
Proceeds will be used for general working capital and to prepare an internal scoping study to pre-feasibility standards and subsequently advancing this internal scoping study to comply to NI43-101 standards by independent engineers. In addition, the Company will use proceeds to initiate the process of environmental permitting to be supported by the internal scoping study targeting underground mining operations up to a rate of 500 tons per day on the Tahuehueto Project.
About Telson Resources Inc.
Telson Resources Inc. is an exploration and development company strategically focused on gold, silver and base metals in the prolific Sierra Madre Belt of Mexico. The Company holds 99% of the outstanding shares of its Mexican subsidiary company that maintains 100% ownership in 7,492 hectare Tahuehueto Property, an advanced stage gold and base metal exploration and development project.
Qualified Persons
This press release was prepared under the supervision and review of Ralph Shearing, President and Director of Telson Resources Inc., a Professional Geologist registered in Alberta as a member of the professional organization APEGA, and a Qualified Person as defined by NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
(signed) "Ralph Shearing"
Ralph Shearing, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
WARNING: The Company relies upon litigation protection for "forward-looking" statements. This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of up-coming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Telson Resources Inc. relies upon litigation protection for forward-looking statements. Contact: Glen Sandwell, Communications Manager Tel: (604) 684-8071 Email: [email protected]
Original Article: http://www.telsonresources.com/images/pdf/News_Releases/2016/TSN_NR_138_Apr27_2016.pdf
