Business
Turmalina Metals Announces Closing of $5,000,000 Financing
VANCOUVER, British Columbia, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX, 3RI-FSE) is pleased
About this update from King Copper Discovery Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 15, 2023 (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 approximately $5,000,000, from the issuance of 11,111,111 units of the Company (the “Units”) at a price of $0.45 per Unit. Each Unit is comprised of one common share of the Company (a \"Common Share\") and one-half of one Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each whole Warrant is exercisable to acquire one Common Share at a price of $0.60 per Common Share for a period of 24 months from the closing of the Offering. CEO and Director, Mr. James Rogers, states, “Closing this upsized financing shortly after launch is a testament to the strength of the projects, team, and supportive investor base that make up Turmalina Metals. We look forward to updating investors as we advance exploration at both San Francisco in San Juan, Argentina and at Chanape in Peru.” The net proceeds of the Offering will be used for further exploration work on the Company's projects and for general working capital purposes, as is more fully described in the Company's amended and restated offering document dated February 13, 2023 and filed on SEDAR as well as the Company’s website. The issuance of 11,111,111 Units in this Offering were offered pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 Prospectus Exemptions and therefore the securities issued in the Offering will not be subject to a hold period in accordance with applicable Canadian securities laws. The Company engaged Haywood Securities Inc., Canaccord Genuity Corp., Eventus Capital Corp., PI Financial Corp., Red Cloud Securities Inc., Leede Jones Gable Inc. and Research Capital Corporation as finders (each, a “Finder”) in connection with the Offering. The Company paid each Finder a commission equal to 7% of gross proceeds of the Offering raised from sales to subscribers identified by such Finder for an aggregate cash commission of approximately $254,124. In addition, the Company issued to each Finder a number of Common Share purchase warrants equal to 7% of the Units sold pursuant to the Offering to subscribers identified by suc...