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Re: News Release - Monday, May 10, 2010
IFC Discloses Intention To Consider An Equity Investment Of C$5
Million In Tsodilo Resources Limited
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TORONTO, CANADA - Tsodilo Resources Limited (TSX Venture Exchange: TSD)
("Tsodilo" or the "Company") is pleased to announce that it has reached
agreement with IFC, a member of the World Bank Group, whereby IFC will
enter into an equity subscription agreement (the "Financing") with the
Company. The non-brokered private placement of 2,710,702 units of the
Company (the "Units") will consist of one common share priced at C$1.85
and one purchase warrant per unit, each such warrant entitling the
holder to purchase one common share of the Company for a period of five
years at C$2.17. The pricing of the Unit's common share and warrant is
consistent with the TSX Venture Exchange private placement policy
guidelines.
The purpose of the proposed investment is to assist in the financing of
the Company's ongoing exploration of its Botswana diamond and metals
licenses in northwest Botswana. The key features of the proposed
investment are:
- An equity investment of C$5 million with a warrants package
- Potential for additional funding during the exploration stage and at
Feasibility Study and development stages
The Financing is scheduled to close on or before June
25, 2010, and is subject to successful completion of IFC's mandatory
30-day disclosure period; IFC Board approval; completion of a share
subscription agreement; and, TSX Venture Exchange approval. Upon
closing of the Financing, IFC is expected to become the second largest
shareholder in Tsodilo.
James M. Bruchs (Chairman) said "This proposed investment is of a
sufficient magnitude to allow the Company to release value in our
diamond and metals projects. To have IFC as a strategic investor would
give the Tsodilo management team the confidence and support to embark
on an aggressive exploration campaign directed towards resource
definition and thereafter mine development. Our goal is to develop our
projects in an environmentally and socially responsible manner and to
meet IFC's environmental and social performance standards in the future
development of our projects, we are confident that we will do so. For
us, IFC is a "Partner of Choice" and we look forward to a long,
constructive and beneficial relationship."
In accordance with the standard procedures of IFC, a summary of the
proposed investment has now been disclosed to the public by IFC in
advance of consideration by the IFC Board of Directors of the proposed
investment.
The IFC disclosure documents are posted on the IFC website for 30 days
prior to the IFC Board of Directors' consideration of the proposed
investment and can be accessed on the IFC website at: www.ifc.org. The
documents can also be accessed shortly on the Company's web site at:
http://www.tsodiloresources.com/i/pdf/2010-05-11_IFCTSDSPI29374.pdf
http://www.tsodiloresources.com/i/pdf/2010-05-11_IFCTSDESRS29374.pdf
ABOUT IFC
IFC, a member of the World Bank Group, creates opportunity for people
to escape poverty and improve their lives. They foster sustainable
economic growth in developing countries by supporting private sector
development, mobilizing private capital, and providing advisory and
risk mitigation services to businesses and governments. The IFC's new
investments totaled $14.5 billion in fiscal 2009, helping channel
capital into developing countries during the financial crisis. For more
information, visit www.ifc.org.
Tsodilo Resources Limited is an international diamond and metals
exploration company engaged in the search for economic kimberlites and
metal deposits at its Newdico (Pty) Limited ("Newdico') and Gcwihaba
Resources (Pty) Limited ("Gcwihaba") projects in northwest Botswana.
The Company has an 95% stake in Newdico (9,400 square kilometers under
diamond license) while Trans Hex Group, a South African diamond mining
and marketing company, holds the remaining 5%. The southern and
northern Gcwihaba project area (6,856 square kilometers under diamond
license and 13,400 square kilometers under base and precious metals
licenses) is 100% held by the Company. Tsodilo manages the exploration
of both the Newdico and Gcwihaba license areas. Overall supervision of
the Company's exploration program is the responsibility of Dr. Mike de
Wit, President and COO of the Company and a "qualified person" as such
term is defined in National Instrument 43-101.
The Company has offices in Toronto, Canada and Gaborone and Maun,
Botswana. Please visit the Company's website, www.TsodiloResources.com,
for additional information and background on our projects.
This press release contains forward-looking statements. All statements,
other than statements of historical fact, that address activities,
events or developments that the Company believes, expects or
anticipates will or may occur in the future (including, without
limitation, statements relating to the development of the Company's
projects) are forward-looking statements. These forward-looking
statements reflect the current expectations or beliefs of the Company
based on information currently available to the Company.
Forward-looking statements are subject to a number of risks and
uncertainties that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or
substantially realized, there can be no assurance that they will have
the expected consequences to, or effects on the Company. Factors that
could cause actual results or events to differ materially from current
expectations include, among other things, changes in equity markets,
political developments in Botswana and surrounding countries, changes
to regulations affecting the Company's activities, uncertainties
relating to the availability and costs of financing needed in the
future, the uncertainties involved in interpreting exploration results
and the other risks involved in the mineral exploration business. Any
forward-looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although the Company believes
that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such
statements due to the inherent uncertainty therein.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release. This
news release may contain assumptions, estimates, and other
forward-looking statements regarding future events. Such
forward-looking statements involve inherent risks and uncertainties and
are subject to factors, many of which are beyond the Company's control,
which may cause actual results or performance to differ materially from
those currently anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
James M. Bruchs - Chairman and Chief Executive Officer -
JBruchs@TsodiloResources.com
Mike de Wit - President and Chief Operating Officer -
MdeWit@TsodiloResources.com
Head Office - Telephone +1 416 572 2033 Facsimile + 1 416 987 4369
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Copyright (c) 2010 TSODILO RESOURCES LTD. (TSX-TSD) All rights
reserved. For more information visit our website at
http://www.tsodiloresources.com/ or send
mailto:info@tsodiloresources.com
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Tsodilo Resources Limited
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CODE : TSD.V |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Tsodilo Resources est une société d’exploration minière basée au Canada. Tsodilo Resources détient divers projets d'exploration au Botswana, au Bresil et en Republique Centrafricaine. Ses principaux projets en exploration sont BAMINGUI REGION (BOUNGOU RIVER) en Republique Centrafricaine, BARRA GRANDE / RIO GRANDE au Bresil et NGAMILAND au Botswana. Tsodilo Resources est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 5,6 millions CA$ (4,2 millions US$, 3,7 millions €). La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2004 à 2,95 CA$, et son plus bas niveau récent le 06 avril 2020 à 0,05 CA$. Tsodilo Resources possède 41 770 000 actions en circulation. |