Non-brokered deal's proceeds slated to explore Sheep Creek property
By Devika Patel
Knoxville, Tenn., March 2 - TintinaGold Resources Inc. said it has settled the first tranche of a non-brokered private placement of stock. The deal priced for C$37.75 million on Feb. 10, and the company raised C$16.38 million in the initial closing.
The company is selling 56,299,213 common shares at C$0.635 apiece, an 18.59% discount to the Feb. 9 closing share price of C$0.78.
It sold 21,792,762 shares to Quantum Partners LP for C$13.84 million and 3,995,340 shares to Electrum Strategic Metals II LLC for C$2.54 million in the first tranche. Quantum expects to invest up to C$30 million, and Electrum will buy C$5.5 million of the shares.
Proceeds will be used for exploration, environmental baseline work and feasibility studies at the company's Sheep Creek property and for general working capital.
The precious and base metals explorer is based in Vancouver, B.C.
| Issuer: | TintinaGold Resources Inc.
|
| Issue: | Common shares
|
| Amount: | C$37.75 million
|
| Shares: | 56,299,213 (25,788,102 in the first tranche)
|
| Price: | C$0.635
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | Quantum Partners LP (for C$30 million; C$13,838,404 in first tranche), Electrum Strategic Metals II LLC (for C$5.5 million; C$2,537,041 in first tranche)
|
| Pricing date: | Feb. 10
|
| Settlement date: | March 2 (for C$16,375,445)
|
| Stock symbol: | TSX Venture: TAU
|
| Stock price: | C$0.78 at close Feb. 9
|
| Market capitalization: | C$85.36 million
|
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