Edward Farrauto, President and CEO of TLC Ventures Corp. (TLV.TSX Venture Exchange) is very pleased to announce that the Company has negotiated a brokered $6,250,000 private placement financing with Haywood Securities Inc. acting as Agent. The private placement financing will consist of 5,000,000 Units at $1.25 per Unit for gross proceeds of $6,250,000. Each Unit consists of one common share and one-half of a common share purchase warrant. One full warrant will allow the holder to purchase one common share in TLC Ventures for a period of 12 months from closing at a price of $1.50 per share. Haywood Securities Inc. will be paid a commission of 6% of the gross proceeds on the financing. The commission can be paid in cash or Units of the Financing at the election of the Agent. The Agent will also receive Agent’s Warrants representing 5.0% of the Financing. Each Agent’s Warrant will be exercisable into one common share of the Company at $1.25 for a term of 12 months. All securities issued in connection with the private placement financing are subject to a minimum four-month hold until period from Closing. The private placement is subject to regulatory approval. The proceeds of the private placement financing will be used by the Company to compile all of the project data and advance the Company’s 100% optioned Point Leamington gold-rich volcanogenic massive sulphide deposit in Newfoundland (see news release dated February 16, 2004) and to investigate opportunities to acquire additional mineral assets and for general working capital. In conjunction with the financing, Haywood Securities Inc. will assist with the Company’s application to move from a Tier 2 company to a Tier 1 company on the TSX Venture Exchange.
TLC Ventures Corp. is a well funded, Vancouver, Canada based mineral exploration company that is focused on the acquisition, advancement and development of gold and base metal assets around the world. The Company has a Strategic Partnership with Gold Fields Limited (through a wholly owned subsidiary) whereby both companies have exclusive, reciprocal rights to conduct a first review of data from mineral projects that either company wishes to sell, option or joint venture. Gold Fields Limited (through a wholly owned subsidiary) is also a significant equity owner in TLC Ventures controlling an approximate 9.5% equity interest in the Company. Endeavour Financial is an advisor to TLC Ventures on project acquisitions and corporate financings. Post financing, TLC Ventures will have approximately 18.7 million shares issued and outstanding with shareholders in Canada, the USA and Europe.