Dec 15 2010
Tuffnell Ltd. (OTC Bulletin Board: TUFF) has announced that it has secured private placement financing, pursuant to Regulation S of the Securities Act of 1933, in the amount of $100,000.
The placement consists of the sale of one hundred and sixty six thousand (166,667) shares of common stock at .60 per share and warrants to purchase, an additional 166,667 shares of common stock at $1.00 per share. The securities sold pursuant to the private placement have not been registered with the Securities and Exchange Commission ("SEC"). Because the private placement was conducted pursuant to Regulation S, the securities may not be resold except upon registration with the SEC and/or in compliance with Regulation S or pursuant to another applicable exemption from registration. The financing will provide the Company with operating capital towards its phase 2 exploration at its little Butte Gold project in Arizona. The first phase at Hole LB1010, discovered high-grade gold/copper mineralization under thin gravel cover which contained 15 feet averaging 0.25 oz/ton gold between 20 and 35 feet and an additional 50 feet averaging 0.10 oz/ton between 45 and 95 feet. The gold intercepts include 5 feet averaging 0.59 oz/ton. In addition the hole contains 95 feet averaging 1.13% copper between 10 and 105 feet depth including 15 feet averaging 4.41% copper.
Source: Tuffnell Ltd.