Telferscot Resources Announces Closing of First Tranche of Financing

TORONTO, Ontario, June 22, 2015 – Telferscot Resources Inc. (CSE:TFS) (“Telferscot” or the “Company”) is pleased to announce that it has closed the first tranche of the financing previously announced on May 13, 2015.  The Company issued 30,000,000 common shares at $0.005 for total proceeds in the first tranche of $150,000. 

 

Telferscot plans to issue an additional 30,000,000 shares in the second tranche at $0.005 for additional proceeds of $150,000.  Completion of the second tranche will result in a total offering of $300,000, up from the previously announced $250,000.  The Company has sought and has been granted relief from the Canadian Securities Exchange’s minimum price rule with respect to this financing.  Closing of the second tranche will occur after the record date has been set for the distribution of the Company’s interest in Kolwezi Copper Corp. The closing is expected to be on or about July 6, 2015. 

 

On May 13, 2015 the Company announced that it had entered into a letter of intent with Resideo Properties Inc. (“Resideo”) to acquire the business of Resideo following the completion of due diligence and a formal purchase agreement (the “Acquisition”).  Resideo is a privately held Canadian company in the process of acquiring a portfolio of single-family and multi-tenant residential properties in the Detroit, Michigan area. 

 

Following the execution of a definitive agreement, a complete description of the Acquisition; its impact on shareholders; and, the necessary approvals will be provided to the market.