Telson Resources Inc. Announces Non-Brokered Private Placement Plans Initiating Environmental and Mine Permiting Process
VANCOUVER, BRITISH COLUMBIA / TheNewswire / March 1st, 2016 - Telson Resources Inc. (TSX Venture - TSN) ("Telson" or the "Company") is pleased to announce a non-brokered private placement of up to 12,500,000 units of the Company. Each unit is priced at $0.12 per unit, resulting in gross proceeds of $1,500,000. 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 of its date of issuance. 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. Closing of the Private Placement is subject to approval of the TSX Venture Exchange.
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 9,081 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: ir@telsonresources.com
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