18 March 2016
TORONTO, ON --(Marketwired - March 18, 2016) - TMAC Resources Inc. (TSX: TMR) ("TMAC" or the "Company") has completed a private placement (the "Offering") of 827,206 flow-through common shares of TMAC (the "Flow-Through Common Shares") at a price of $10.88 per Flow-Through Common Share for gross proceeds of $9,000,000.
The gross proceeds from the sale of the Flow-Through Common Shares will be used for expenditures which qualify as Canadian exploration expenses ("CEE") (within the meaning of the Income Tax Act (Canada)) for diamond drilling on the Company's highly prospective Naartok/Madrid North deposit area eight kilometres south of Doris Mine, as well as for completing the airborne geophysical surveys that were initiated in 2015. The diamond drill program is designed to de-risk and potentially add high grade gold mineral resources to the current Madrid inventory, the next mining area the Company anticipates it will develop, whereas the geophysical surveys will continue to advance TMAC's understanding of the Hope Bay region for longer range strategic exploration targeting purposes. The Company will renounce such CEE with an effective date of no later than December 31, 2016.