Tarsis Resources (CVE:TCC) said it plans to raise $502,500 through a non-brokered private placement financing as it seeks to mitigate overhead costs, the company said late Monday.
The Vancouver-based exploration-stage company intends to sell 3.35 million units priced at 15 cents each.
"These funds will be highly levered with the work done on our projects and the low acquisition costs we have for new properties," president Marc Blythe said in a statement.
Each unit is made up of one share and one non-transferable purchase warrant. The warrants give holders a right to buy another share for 36 months for 25 cents each.
Tarsis said it is making every effort to minimize overhead costs and focus its investment capital on prospect generation, early stage exploration, and optioning out its projects for further funding by partners.
The company, so far, has farmed-out three projects, with the latest project – the White River property – optioned out to Driven Capital Corp. (CVE:DVV) and drilled by the optionee in the last two months.
Earlier this month, Tarsis disclosed final results from diamond drilling at its White River project in southwestern Yukon.
Driven Capital funded the 2012 exploration program as part of its deal to earn a 60 per cent stake in the project. The program represented the first ever drill campaign conducted at White River, Tarsis said.
Moderately elevated gold values were identified in all holes, the company noted, with assays ranging from 0.42 to 2.78 grams per tonne (g/t) gold over intervals ranging from 0.76 to 1.47 metres.
Driven has notified Tarsis it plans further exploration work on the property.
To earn a 60 per cent interest in White River, Driven must pay $400,000 in cash to Tarsis, issue two million shares and spend $4.25 million in exploration.
Once earn-in obligations are settled, a joint venture will be created, with Tarsis retaining a two per cent net smelter royalty on any minerals produced.
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