VANCOUVER, BRITISH COLUMBIA, Jun. 1, 2010 (Marketwire) -- Taku Gold Corp. (the "Company") (TSX VENTURE:TAK) announces that it will not be proceeding with the private placement announced on April 21, 2010. The Company, however, is pleased to announce that it has engaged Union Securities Ltd. to complete a new private placement totaling up to $3 million, subject to acceptance of the TSX Venture Exchange. These funds will be raised by the Company issuing (i) up to 10 million non-flow-through units at a price of $0.15 per unit, each unit consisting of one common share and one share purchase warrant, of which each warrant will entitle the holder thereof to acquire one additional common share of the Company for a period of two years at a price of $0.25; and (ii) up to 10 million flow-through units at a price of $0.15 per unit, each unit consisting of one common share and one-half of one share purchase warrant, of which each full warrant will entitle the holder thereof to acquire one additional common share of the Company for a period of two years at a price of $0.25.
Finder's fees may be payable on a portion of the private placement, in accordance with the policies of the TSX Venture Exchange.
A portion of the net proceeds of the private placement will be used to further exploration on the Company's Yukon and British Columbia properties and for working capital purposes.
The Company further announces the granting of incentive stock options to certain of its directors, officers, employees and consultants to purchase up to 1,080,000 common shares in its capital stock at a price of $0.20 per share, exercisable until June 1, 2015.
On Behalf of the Board, Taku Gold Corp.
Zachery Dingsdale, CEO and President
Statements in this release that are forward-looking are subject to various risks and uncertainties as identified above and in the Company's periodic filings with the British Columbia Securities Commission and the U.S. Securities Exchange Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Specifically, there is no assurance the Company will be able to raise any or all of the $3,000,000 under the terms of its private placement as outlined above. The Company does not intend to update this information and disclaims any legal liability to the contrary.
Neither the 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 news release.