Turmalina Announces Closing of Share Financing
Rhea-AI Summary
Turmalina Metals Corp (TBX-TSXV, TBXXF-OTCQX) has successfully closed its non-brokered private placement offering, raising $5 million through the issuance of 100 million common shares at $0.05 per share. The proceeds will fund the company's property costs and working capital needs.
The offering included participation from company insiders, with two directors and an officer-controlled corporate subscriber acquiring 8.5 million shares for $425,000. Additionally, 1,746,500 shares were issued to eligible arm's length finders. All issued securities are subject to a four-month-plus-one-day statutory hold period.
The company has announced plans to rebrand as King Copper Discovery Corp, with its TSX Venture Exchange trading symbol changing to 'KCP'.
Positive
- Secured $5M in fresh capital
- Strong insider participation with $425K investment
- Management alignment with shareholders through insider buying
Negative
- Significant shareholder dilution with 100M new shares issued
- Low share price of $0.05 indicates potential financial distress
- Additional shares issued to finders dilute existing shareholders further
News Market Reaction 1 Alert
On the day this news was published, TBXXF gained 3.33%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
VANCOUVER, British Columbia, March 03, 2025 (GLOBE NEWSWIRE) -- Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX, 3RI-FSE) is pleased to announce that it has closed its previously announced non-brokered private placement offering (the “Offering”) for aggregate gross proceeds of
The net proceeds of the Offering will be used to satisfy continuing costs associated with the Company’s properties and for general working capital purposes.
In connection with closing of the Offering, the Company issued an aggregate of 1,746,500 Shares to certain eligible arm’s length finders.
All securities issued in connection with closing of the Offering are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
The subscribers in the Offering included two directors, as well as one corporate subscriber controlled by an officer of the Company (collectively, the “Insiders”), who subscribed for an aggregate of 8,500,000 Shares for aggregate gross proceeds of
The Company also anticipates completing a name change in the near future, to “King Copper Discovery Corp.”. Concurrently with the name change, the Company’s trading symbol on the TSX Venture Exchange will change to “KCP”. Further details related to the name change will be provided in subsequent news releases of the Company.
On Behalf of the Company,
Jonathan Richards, Chief Executive Officer
Website: turmalinametals.com
Address: #1507 - 1030 West Georgia St, Vancouver, BC V6E 3M5.
For Investor Relations enquiries, please contact +1 833 923 3334 (toll free) or via info@turmalinametals.com.
Statements
About Turmalina Metals and our projects: Turmalina Metals is a TSXV-listed exploration company focused on developing our portfolio of high-quality gold-copper-silver projects in South America. Turmalina Metals is led by a team responsible for multiple gold-copper-silver discoveries.
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Forward looking statements in this news release include the anticipated use of proceeds of the Offering. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions, as well as legal, social, and economic conditions in Argentina and Peru, where the Company’s mineral exploration properties are located. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
FAQ
How much did Turmalina Metals (TBXXF) raise in its March 2025 private placement?
What is the insider participation in TBXXF's March 2025 share financing?
What is the hold period for TBXXF's newly issued shares?
What will Turmalina Metals' (TBXXF) new name and trading symbol be?
