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Turmalina Metals Corp. Announces Pricing of Public Offering of Units
TORONTO, Feb. 14, 2020 (GLOBE NEWSWIRE) -- Turmalina Metals Corp. (TSXV:TBX) (“Turmalina Metals Corp.” or the “Company”) announces the size and price of its pre
About this update from King Copper Discovery Corp.
[{"type":"text","content":" TORONTO, Feb. 14, 2020 (GLOBE NEWSWIRE) -- Turmalina Metals Corp. (TSXV:TBX) (“Turmalina Metals Corp.” or the “Company”) announces the size and price of its previously announced underwritten public offering (the “Offering”) of 12,143,000 units (the “Units”) of the Company at a price of $0.70 per Unit, for aggregate gross proceeds to the Company of $8,500,100, before deducting the underwriting commission and estimated Offering expenses payable by the Company. In addition, Turmalina has granted the underwriters of the Offering an option to purchase up to an additional 1,821,450 Units on the same terms and conditions for a period of up to 30 days from the closing of the Offering. Each Unit will consist of one common share (a “Common Share”) and one-half Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share at an exercise price of $0.90 for 24 months from the date of closing of the Offering. Clarus Securities Inc. and Cormark Securities Inc. are acting as co-lead underwriters on behalf of themselves and a syndicate of underwriters including Canaccord Genuity Corp. and PI Financial Corp. (collectively, the “Underwriters”) in connection with the Offering. The Offering is being conducted in the provinces of British Columbia, Alberta, Manitoba and Ontario (the “Qualifying Jurisdictions”) by short form prospectus, and in such other jurisdictions as may be agreed to by the Company and the Underwriters. An amended and restated preliminary short form prospectus (the “Preliminary Prospectus”) will be filed in the Qualifying Jurisdictions. A final short form prospectus (the “Final Prospectus”) relating to the Offering will be filed in the Qualifying Jurisdictions. A copy of the Preliminary Prospectus can be obtained from SEDAR at www.sedar.com. The Offering is expected to close on or about February 27, 2020, subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange (the “TSXV”). The proceeds raised from the sale of Units under the Offering will be used by the Company for exploration and development of the San Francisco Project, project assessment and evaluation, general corporate and administrative costs and working capital purposes. The securities being offered have n...