TNR Gold closes $3.32-million private placement

2008-04-17 17:39 ET - News Release

Mr. Gary Schellenberg reports

TNR GOLD CORP. CLOSES BROKERED PRIVATE PLACEMENT OF 9,500,000 UNITS

TNR Gold Corp. has closed its brokered private placement previously reported in Stockwatch on Feb. 22, 2008, and repriced on April 4, 2008, which has resulted in gross proceeds to the company of $3,325,000. The offering was brokered by PI Financial Corp.

The offering consisted of the issuance of 9.5 million units of the company at a price of 35 cents per unit, with each unit composed of one common share and one-half of one transferable common share purchase warrant. Each warrant is exercisable into one additional common share of the company at an exercise price of 50 cents per common share until Oct. 17, 2009.

In consideration for its services performed in respect of the offering, the agent was issued 769,500 agent's warrants, each entitling the agent to acquire one common share of the company at an exercise price of 50 cents per common share until Oct. 17, 2009. The agent also received a commission of 7 per cent on a commissionable portion of the gross proceeds of the offering, payment of which was made by a combination of cash, totalling $123,375, and of 246,000 units.

All of the securities issued pursuant to the offering are subject to a four-month hold period expiring on Aug. 18, 2008. Proceeds of the offering will be used to finance TNR's exploration projects in South America and for general corporate purposes.

We seek Safe Harbor.