VANCOUVER, BC / ACCESSWIRE / November 20, 2024 / Tinka Resources Limited ("Tinka" or the "Company") (TSXV:TK)(BVL:TK)(OTCQB:TKRFF) announces a non-brokered private placement financing (the "Offering") of up to 50,000,000 units of the Company (the "Units") at a price of C$0.10 per Unit (the "Issue Price") for gross proceeds of up to C$5,000,000. Each Unit comprises one common share (a "Share") and one-half of one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional Share of the Company at an exercise price of C$0.15 for a period of eighteen (18) months from closing of the Offering.
It is anticipated that certain insiders of the Company, including Nexa Resources S.A. and Compaia de Minas Buenaventura SAA, will participate in the Offering to maintain their respective pro-rata interest in the Company. All securities to be issued pursuant to the Offering will be subject to a four-month hold period under applicable securities laws in Canada. Finder's fees may be payable on a portion of the Offering. The Offering is subject to certain conditions customary for transactions of this nature, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
The Company plans to use the net proceeds to fund step-out and resource optimization drilling of approximately 4,000 metres at the East Ayawilca zinc-silver-lead area, for exploration at the Silvia copper-gold property, and for general working capital and corporate purposes. See October 16, 2024, news release for information regarding key exploration targets proposed for 2024/25.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.