By Devika Patel
Knoxville, Tenn., May 6 - Tinka Resources Ltd. said it plans to conduct a C$1.2 million non-brokered private placement of units.
The company plans to sell 4 million units at C$0.30 each.
Each unit will consist of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.50 for one year.
The warrants may be subject to forced conversion if the company's shares trade above a weighted average price of C$0.60 for 20 consecutive trading days. In that case, the warrants will expire 30 days after the company notifies holders.
Proceeds will be used to begin a drill program at the company's Colquipucro project in Peru 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 one half-share warrant
|
| Amount: | C$1.2 million
|
| Units: | 4 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | May 6
|
| Stock symbol: | TSX Venture: TK
|
| Stock price: | C$0.29 at close May 6
|
© 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.
