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Tinka Resources arranges C$10mln placement

Tuesday, October 11, 2016 12:17
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Tinka Resources Ltd (CVE:TK) has arranged a proposed private placement to raise up to 50mln common shares for gross proceeds of up to C$10mln, the company said on Tuesday.

GMP Securities LP has agreed to act as agent for the placement, on a best-efforts agency basis.

All shares to be issued will be subject to a four-month hold period under applicable securities laws in Canada.

The company plans to use the net proceeds from the offering to finance exploration expenditures at the company’s Ayawilca project in Peru, as well as for general working capital and corporate purposes.

Last week, the company said it was “very pleased” with the Ayawilca tests. Read more.

The offering is scheduled to close on or about Nov. 1.

The company has agreed to pay the agent a cash commission of 6% of the gross proceeds raised under the offering and issue broker warrants equal to 6% of the number of shares sold.

Each such broker warrant will entitle the agent to purchase one common share at the issue price for a period of 24 months following the closing of the offering. The agent will not be paid a commission or receive broker warrants in respect of any shares sold to certain investors and those purchasing under the company’s president’s list.

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