Company to acquire Darwin at one Tinka share for 5.5 Darwin shares
By Devika Patel
Knoxville, Tenn., July 24 – Tinka Resources Ltd. said it completed its C$7.93 million private placement of units with a C$7.43 million second tranche. The deal priced for C$4.54 million on April 17 and raised C$500,000 on May 1. The company increased the offering to C$7.43 million on July 17.
The company sold 28,834,491 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 and 27,016,309 units in the second tranche. Of the second-tranche units, 19,512,727 were sold to Sentient for C$5.37 million.
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 and the second-tranche warrants expire on July 24, 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.
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| Issue: | Units of one common share and a half-share warrant
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| Amount: | C$7,929,485
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| Units: | 28,834,491
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| Price: | C$0.275
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | May 1, 2016, July 24, 2016
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| Warrant strike price: | C$0.365
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| Investor: | Sentient Global Resources Fund IV, LP (for C$5,866,000)
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| Pricing date: | April 17
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| Settlement date: | May 1 (for C$500,000), July 24 (for C$7,429,485)
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| Stock symbol: | TSX Venture: TK
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| Stock price: | C$0.37 at close April 16
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| Market capitalization: | C$25.88 million
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