Taipan Resources Inc. Announces $3,000,000 Private Placement
Thursday, January 31st, 2013
VANCOUVER, BC – Taipan Resources Inc. (“Taipan” or the “Company“) (TSXV:TPN) is pleased to announce that the Company is proceeding with a non-brokered private placement to raise up to $3,000,000 through the issuance of up to 8,571,428 units (“Units“) at a price of $0.35 per Unit. Each Unit will consist of one common share of the Company and one transferable share purchase warrant, with each warrant entitling the holder to purchase an additional common share of the Company for a period of five years at an exercise price of $0.50. All securities issued pursuant to the private placement will be subject to a statutory hold period of four months and one day.
Management of Taipan intends to subscribe for ten percent or more of the offering.
The Company may pay a finder’s fee on all or a portion of the private placement. The Company intends to use the proceeds from the private placement for exploration expenditures and for general working capital purposes.
About Taipan Resources Inc.
Taipan Resources Inc. (TSX VENTURE:TPN) is an independent African oil and gas exploration company with interests in 9.7 million gross oil and gas exploration acres (39,588 km2) in Block 1 and Block 2B onshore Kenya. Through its wholly owned subsidiary Lion Petroleum Corp., Taipan currently holds a 100% working interest in Block 2B (1.9 million acres / 7,807 km2) and a 20% working interest in Block 1 (7.8 million acres gross / 31,781 km2) which is operated by Afren plc. Taipan is traded on the TSX Venture Exchange with the symbol TPN.