Company to acquire Darwin at one Tinka share for 5.5 Darwin shares
By Devika Patel
Knoxville, Tenn., May 1 - Tinka Resources Ltd. said it raised C$500,000 in the initial tranche of a C$4.54 million private placement of units. The deal priced April 17.
The company is selling 16,509,090 units of one common share and a half-share warrant at C$0.275 per unit. It sold 1,818,182 units to Sentient Global Resources Fund IV, LP in the first tranche.
Each whole warrant is exercisable at C$0.365 for two years. The strike price is a 1.35% discount to the April 16 closing share price of C$0.37. The initial-tranche warrants expire on May 1, 2016.
Proceeds will be used for exploration and resource development work on the Ayawilca and Colquipucro projects and the combined Tinka/Darwin exploration portfolio, working capital and 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$4.54 million
|
| Units: | 16,509,090
|
| Price: | C$0.275
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years, May 1, 2016
|
| Warrant strike price: | C$0.365
|
| Investor: | Sentient Global Resources Fund IV, LP (for C$500,000)
|
| Pricing date: | April 17
|
| Settlement date: | May 1 (for C$500,000)
|
| Stock symbol: | TSX Venture: TK
|
| Stock price: | C$0.37 at close April 16
|
| Market capitalization: | C$25.48 million
|
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