Tincorp Announces Private Placement and Warrant Extension
Rhea-AI Summary
Tincorp Metals (TSXV: TIN) (OTCQX: TINFF) announces a non-brokered private placement to raise up to $140,000 by selling 1,244,444 shares at $0.1125 per share, representing a 25% discount to the last closing price. The offering is expected to close by December 31, 2024. Additionally, the company plans to extend the exercise period of 6,403,750 warrants (exercisable at $0.65 per share) by three years, with new expiry dates in December 2027 and January 2028. The proceeds will be used for working capital and general corporate purposes.
Positive
- None.
Negative
- Significant 25% share price discount in private placement offering
- Dilutive effect from issuing 1,244,444 new shares
- Extension of warrant exercise period could lead to future dilution
Vancouver, British Columbia--(Newsfile Corp. - November 28, 2024) - Tincorp Metals Inc. (TSXV: TIN) (OTCQX: TINFF) ("Tincorp" or the "Company") is pleased to announce the Company intends to undertake a non-brokered private placement financing (the "Offering") to raise gross proceeds of up to approximately
The Offering is anticipated to close before December 31, 2024, or such other date as the Company may determine (the "Closing Date").
As insider(s) of the Company are expected to participate in the Offering, any such subscriptions will be considered "related party transactions" within the meaning of TSXV Policy 5.9 Protection of Minority Security Holders in Special Transactions, which incorporates Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such insider participation.
All securities issued will be subject to a statutory four-month and one-day hold period from the Closing Date. Closing of the share purchase is subject to the final approval of the TSX Venture Exchange.
The Company intends to use the net proceeds from the Offering for working capital requirements and other general corporate purposes.
Further, the Company proposes to extend the exercise period of a total of 6,403,750 common share purchase warrants, all of which are exercisable at
All other terms and conditions of the Warrants remain unchanged. The Warrant extension is subject to the final approval of the TSX Venture Exchange.
A total of 3,175,000 Warrants are held by parties who are considered "related parties" of the Company. The amendment of the Warrants constitutes a "related party transaction" as contemplated by MI 61-101, and TSXV Policy 5.9 – Protection of Minority Shareholders in Special Transactions. The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such insider participation.
About Tincorp
Tincorp Metals Inc. is a mineral exploration company focusing on tin projects in Bolivia and a gold project near Whitehorse, Yukon, Canada. The Company acquired a
On Behalf of Tincorp Metals Inc.
Victor Feng, Interim CEO
For further information, please contact:
Investor Relations, Tincorp Metals Inc.
Phone: +1 (604)-336-5919
Email: info@tincorp.com
www.tincorp.com
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 news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collective, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding closing of the private placement, the extension of warrants, final approval of the sale of the Company's Skukum Property, the search for a permanent CEO are forward-looking statements. Forward-looking statements are often, but not always, identified by words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Forward-looking statements are based on the opinions, assumptions, factors and estimates of management considered reasonable at the date the statements are made.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
Additional information in relation to the Company, including the Company's most recent annual information form, can be obtained under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.tincorp.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231832
FAQ
What is the price per share for Tincorp's (TINFF) private placement announced on November 28, 2024?
How many shares is Tincorp (TINFF) offering in its November 2024 private placement?
What are the new expiry dates for Tincorp's (TINFF) extended warrants?
