Proceeds of deal will be used for exploration, general working capital
By Toni Weeks
San Luis Obispo, Calif., May 14 - Tinka Resources Ltd. said it raised C$2.58 million in an oversubscribed private placement of units. The deal priced April 24 for C$2 million and was raised to C$2.35 million on May 9.
The company sold 3,030,265 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 acted as agent for a portion of the deal.
Proceeds will be used to advance exploration work on the company's Colquipucro and Ayawilca projects and for general working capital.
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$2,575,725
|
| Units: | 3,030,265
|
| 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
|
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