There may be some holes drilled in the higher grade western pit but I think most of the drilling will be for the environmental assessment and to ensure TTM is not placing a starter pit on a section of recoverable moly. But no doubt to qualify for flow-through financing you must use this money for exploration purposes.
TTM Resources arranges $1.2-million financing
TTM Resources Inc (C:TTQ)
Shares Issued 46,329,989
Last Close 10/30/2009 $0.32
Monday November 02 2009 - News Release
Mr. Crichy Clarke reports
TTM RESOURCES ANNOUNCES PRIVATE PLACEMENT
TTM Resources Inc. has arranged a non-brokered private placement of three million flow-through units at a price of 40 cents per unit, for aggregate gross proceeds of $1.2 million.
Each unit under the private placement will consist of one flow-through common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to acquire one additional non flow-through common share of the Company at an exercise price of 50 cents within 24 months of closing. The private placement is subject to regulatory approval.
The proceeds of the private placement will be used primarily for geotechnical drilling on, and further exploration of, the company's 100-per-cent owned Chu Molybdenum Project located 85 kilometres south of Vanderhoof, B.C.
