News
CORRECTION TO TERMS OF PRIVATE PLACEMENT AND ANNOUNCEMENT OF PROPOSED NAME CHANGE
May 16, 2007
Tribune Resource Corp. (the “Company”) (TSX-V: TCB) (Frankfurt: S8QA) corrects the terms of the non-flow-through private placement as previously announced in its news release of May 9, 2007.
The warrant price on the on the non-flow-through private placement was incorrectly stated. The warrant exercise price has been amended to $1.40. The corrected terms of the Non-Flow-Through and Flow-Through Private Placement are restated below.
The Company will be undertaking a $3.4 million private placement by means of issuing 2 million non-flow through units, at a price of $1.10 per unit and 1 million flow-through units at a price of $1.20 per unit. A finder’s fee of up to 8% will be payable in cash on the Private Placement.
Each non-flow-through unit will consist of one common share of the Company, and one-half of one warrant. Each whole warrant will entitle the holder to acquire one common share of the Company at a price of $1.40 per share for a period of 12 months from the completion of the private placement.
Each flow-through unit will consist of one flow-through common share of the Company and one half of one warrant. Each whole flow-through warrant will entitle the holder to acquire one non-flow-through common share at an exercise price of $1.40 exercisable for a period of 12 months from the completion of the private placement.
If the closing price of the Company’s common shares is $2.00 or more for a period of at least 20 consecutive trading days, the Company can execute a forced conversion of the warrants upon giving 30 days notice of its intention to do so.
The proceeds from the private placement will be used principally to fund the Company’s initial commitments under the LOI with Strathmore Minerals Corp.
The Company also intends to change its name to Tribune Uranium Corp to better reflect its focus in the uranium sector. The name change is subject to TSX approval.
For more information on Tribune Resources Corp., call Graham Harris at 604-662-8183 or email investor@tribuneresources.com.
TRIBUNE RESOURCES CORP.
“Graham Harris”
Graham Harris
Chairman and CEO
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release
