MONTREAL, Aug. 14, 2020 /CNW/ - Tarku Resources Ltd (TSX-V: TKU) (the "Company" or "Tarku") is pleased to announce that it has closed a non-brokered private placement (the "Private Placement") for aggregate gross proceeds of $785,100 ("the Offering").

The Private Placement was comprised of 12,078,457 non-flow through units ("Unit") of the Company at a price of $0.065 per unit. Each Unit consists of one common share of the Company and one common share purchase warrant ("Warrant"). Each Warrant entitles the holder to acquire one common share at a price of $0.085 per common share for a period of twenty-four (24) months expiring August 13, 2022. The securities issued under this Private Placement are subject to a statutory four (4) month hold period ending December 14, 2020.

The net proceeds of the Private Placement will be used to fund the Company's gold and precious metals exploration projects and for general working capital purposes. The Private Placement has been conditionally accepted by the TSX Venture Exchange. The Company paid finders' fees $12,100 in connection with the Private Placement. Insiders of the Company subscribed for 869,230 Units.

About Tarku Resources Ltd. ( : TKU)

Tarku is an exploration company focused on the "Three A's" exploration projects, (Apollo, Admiral and Atlas Projects), in the Matagami greenstone belt, which has been interpreted by management as the eastern extension of the Detour Belt in Quebec, and which has seen recent exploration successes by Midland Exploration Inc., Wallbridge Mining Company Ltd. and Probe Metals Inc.

Project generation is the foundation of creation wealth in the mining business. Tarku is interested in generating sustainable projects by conducting exploration in areas with strong geologic potential and high levels of social acceptability within Québec, and projects that can be explored and developed quickly with the support of the community. Tarku has 28,074,038 outstanding shares, of which approximately 80% are owned by insiders and major shareholders. Management is currently reviewing several opportunities and projects to build up the Company portfolio and generate shareholder value.

Neither 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 release.

SOURCE Tarku Resources Ltd.

View original content: http://www.newswire.ca/en/releases/archive/August2020/14/c2413.html