Proceeds of deal will be used for exploration, general working capital
By Devika Patel
Knoxville, Tenn., May 9 - Tinka Resources Ltd. said it increased an oversubscribed private placement of units to C$2.35 million from C$2 million. The deal priced April 24.
The company will now sell 2,764,765 units of one common share and a half-share warrant at C$0.85 per unit.
Each whole warrant is exercisable at C$1.25 for 18 months. The strike price is a 48.81% premium to the April 23 closing share price of C$0.84.
Richardson GMP will be paid a commission.
Settlement is expected May 14.
Proceeds will be used to advance exploration work on the company's Colquipucro and Ayawilca projects and for general working capital purposes.
Vancouver, B.C.-based Tinka is a resources company.
Issuer: | Tinka Resources Ltd.
|
Issue: | Units of one common share and a half-share warrant
|
Amount: | C$2,350,050
|
Units: | 2,764,765
|
Price: | C$0.85
|
Warrants: | One half-share warrant per unit
|
Warrant expiration: | 18 months
|
Warrant strike price: | C$1.25
|
Pricing date: | April 24
|
Upsized: | May 9
|
Settlement date: | May 14
|
Stock symbol: | TSX Venture: TK
|
Stock price: | C$0.84 at close April 23
|
Market capitalization: | C$65.33 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.