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TICKERS: TUD

Explorer Closes Private Placement with Eric Sprott
News Update

Source:

The Canadian base and precious metals company will use the proceeds to explore its project in British Columbia.

Tudor Gold Inc. (TUD:TSX.V) announced in a news release that it completed a nonbrokered private placement for gross proceeds of about $2.9 million.

The transaction involved the sale of 4,185,714 flow-through Tudor common shares at $0.70 apiece by initial subscribers to certain entities, including Eric Sprott's firm, 2176423 Ontario Ltd. Sprott bought 4,142,502 flow-through shares.

Now, Sprott owns and controls Tudor common shares and common share purchase warrants amounting to 14.1% of the issued and outstanding common shares on a nondiluted basis and 20.49% on a partially diluted basis, assuming the exercise of the warrants. Previously he held 11.2% on a nondiluted basis and 17.8% on a partially diluted basis.

There is a four-month hold period on the private placement shares.

Regarding the private placement, Tudor Gold paid $29,300 in cash finding fees to a third party.

The Vancouver-based mining company will use the funds generated to explore its 60%-owned Treaty Creek project in British Columbia's Golden Triangle.

According to the company, "The FT Shares were acquired by Mr. Sprott for investment purposes and with a long-term view of the investment. Mr. Sprott may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future, depending on market conditions, reformulation of plans and/or other relevant factors."

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