Tinka Resources (TSX-V:TK, StockForum), a Vancouver-based development stage junior resource company engaged in the acquisition and exploration of precious metal mineral properties in Peru, announced today that the company had signed on Reg Advocaat as a corporate development and investor relations consultant as of November 29, 2013.
Mr. Advocaat will be paid $5,500 monthly and will be granted up to 200,000 common shares for a three-year term. His engagement can be terminated with one month's notice and the stock options are subject to approval by the TSX Venture Exchange.
According to the news release, “Mr. Advocaat's responsibilities include furthering and executing corporate strategy, coordinating investor relations, and advancing general corporate development opportunities.”
It went on to explain, “Mr. Advocaat has spent the past 20 years working with various public companies in the roles of investor relations and corporate development under which he has assisted in or raised in excess of $100 million.”
In addition to terminating Michael D'Amico's consultant contract to make room for Advocaat, Tinka amended terms on approximately 1.4 million outstanding warrants with an expiry date at the end of December.
The release detailed further, “The Company will make an application with the TSX Venture Exchange to extend the term of a total of 1,471,500 warrants (the "Warrants"), which are currently scheduled to expire on December 21, 2013, by six months.”
It went on, “The Warrants were issued with an original term of one year in connection with the closing of a private placement financing as announced by the Company on December 21, 2012. All other terms, including the exercise price of the Warrants at $1.00, remain the same.”
Tinka Resources was in the news recently when the company closed a $0.5 million private placement.
Shares were up 6.12% on the news to $0.52 per share.
Currently there are 79,696,144 shares outstanding with a market cap of $41.44 million.