08:05 AM EST, 12/05/2024 (MT Newswires) -- Tajiri Resources ( TAJIF ) overnight Wednesday closed its non-brokered private placement offering of units previously announced on Sept 23, after TSX Venture Exchange gave its final acceptance.

The company said the offering included two tranches totalling 19.89 million units priced at $0.05 per unit for gross proceeds of $994,700, with each unit consisting of one common share and one common share purchase warrant.

Tajiri said it intends to use proceeds from the offering for the exploration and development of the company's mineral properties and general working capital purposes. Additionally, about $30,000 of the proceeds raised in the first tranche will be used toward the acquisition of the Yono Gold Property in Guyana, said the company. TAJ also added that it will not proceed with the previously announced third tranche of the placement currently and has been closed.

Shares of Tajiri were down 10% at last close on the TSX Venture Exchange.