Tajiri Resources (TSX-V:TAJ) told investors it will close its previously announced non-brokered private placement subject to approval of the TSX Venture Exchange.
Under the placement, the company issued 4.5 million shares at C$0.02 each, raising total proceeds of C$90,000.
Tajiri noted that one of its directors subscribed for 1 million shares, which constitutes a related party transaction. It added that as the purchase does not exceed 25% of its market valuation, shareholder approval was not required.
Proceeds from the placement will be used for corporate purposes, the company added.