Eurotin Inc. Announces Private PlacementEurotin Inc. ("Eurotin" or the "Company"), ispleased to announce that the Company has entered into an agreementwith GMP Securities L.P. ("GMP") to complete a private placementfinancing (the "Offering") of up to 15,625,000 special warrants ofthe Company (the "Special Warrants") at an issue price of C
.80 perSpecial Warrant for gross proceeds of up to C$12,500,000.
The Company intends to use the net proceeds from the Offering toaccelerate development of the Oropesa tin project and for generalworking capital purposes.
Subject to the penalty provision discussed below, each SpecialWarrant will be exercisable into one common share in the capital ofthe Company (a "Common Share") and one half of one Common Sharepurchase warrant (each whole Common Share purchase warrant a"Warrant") by the holders thereof at any time after the closing datefor no additional consideration. Each Warrant will entitle the holderthereof to purchase one common share of the Company (a "WarrantShare") for a period of 2 years following the closing of the Offeringat an exercise price of C$1.20 per Warrant Share.
All unexercised Special Warrants will be deemed to be exercised at4:00 pm (Toronto time) on the earlier of: (a) the date that is fourmonths and one day following the closing date; and (b) the thirdbusiness day after the date a receipt is issued for a finalprospectus (the "Final Prospectus") by the securities regulatoryauthorities where the Special Warrants are sold qualifying the CommonShares and Warrants issuable upon exercise of the Special Warrants.
The Company shall use its best efforts to obtain such receipt for theFinal Prospectus within 60 days of the closing date. If the Companydoes not obtain such receipt within 60 days after the closing date,the holders of the Special Warrants will be entitled to receive 1.1Common Shares (in lieu of 1 Common Share) and 0.55 of a Warrant (inlieu of 0.5 of a Warrant) upon the exercise or deemed exercise of theSpecial Warrants. The Company will continue to use its best effortsto obtain a receipt for the Final Prospectus prior to the date thatis four months and one day following the closing date.
The Offering will be made on a best efforts basis by a syndicate ofinvestment dealers led by GMP and including, Clarus Securities Inc.,Dundee Securities Ltd, Canaccord Genuity Corp. and Raymond James Ltd.PowerOne Capital Markets Limited is acting as financial advisor tothe Company in connection with the Offering.
Closing of the Offering is anticipated to occur on or about July 26,2011 and is subject to receipt of applicable regulatory approvalsincluding approval of the TSX Venture Exchange.