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Tuesday, September 25, 2018
TORONTO, ONTARIO - McChip Resources Inc. ("McChip" or the "Company") (TSX-V:MCS) announces that, on September 18, 2018 it acquired units consisting of 2,000,000 flow-through shares and 2,000,000 flow-through warrants resulting in McChip's collective holdings of 7,497,000 shares and 3,333,333 warrants in the capital of Taranis Resources Inc. (the "Reporting Issuer"), a TSX-V listed company. These warrants entitle McChip to purchase flow-through shares of the Reporting Issuer as follows:
(a) 1,333,333 warrants are exercisable at $0.15 per share until December 29, 2019; and
(b) 2,000,000 warrants are exercisable at $0.15 per share until September 18, 2020.
Immediately prior to the acquisition, McChip owned 5,497,000 Shares representing approximately 9.09% of the then issued and outstanding Shares. The recent acquisition increases McChip's position in the Shares of the Reporting Issuer by 2,000,000 Shares to 7,497,000 Shares or approximately 11.69% of the current issued and outstanding Shares of the Reporting Issuer.
The securities were acquired by means of a private placement. McChip has acquired the shares for investment purposes, and may acquire further Shares, or dispose of its holding of the Shares, both as investment conditions warrant. The reporting issuer is listed on the TSX Venture Exchange under the symbol "TRO".
About McChip
McChip celebrates eighty three years of continual business operations in 2018. Prior to a name change in 1981 the company operated as Madsen Red Lake Gold Mines Limited. The company is listed on the TSX Venture Exchange and has 5,660,096 common shares issued and outstanding.
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