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Tincorp Metals Announces C$3 Million Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - October 16, 2023) - Tincorp Metals Inc. (TSXV: TIN) (OTCQX: TINFF) ("Tincorp" or the "Company") today announced t
About this update from Tincorp Metals Inc
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - October 16, 2023) - Tincorp Metals Inc. (TSXV: TIN) (OTCQX: TINFF) (\"Tincorp\" or the \"Company\") today announced that the Company intends to undertake a non-brokered private placement financing (the \"Offering\") to raise gross proceeds of up to approximately C$3,000,000 from the sale of up to 7,500,000 units (\"Units\") at a price of C$0.40 per Unit with each Unit consisting of one common share of the Company (each, a \"Share\") and one non-transferable Share purchase warrant (each, a \"Warrant\"). Each Warrant will entitle the holder thereof to acquire one Share from the Company at a price of C$0.58 per Share for a period of 24 months from the closing of the Offering. The Warrants will be subject to an acceleration clause which entitles the Company to provide notice (an \"Acceleration Notice\") to holders that the Warrants will expire 10 days from the date the Company provides the Acceleration Notice. The Company can only provide the Acceleration Notice if the closing price of the Company's Common Shares on the TSXV is equal to or greater than C$0.58 for ten consecutive trading days. The Acceleration Notice can be provided at any time after the statutory hold period and before the expiry date of the warrants. Silvercorp Metals Inc. (\"Silvercorp\"), Tincorp's largest shareholder (29.2%), and other insiders of the Company have confirmed their intention to participate in the Offering by purchasing an aggregate of up to 2,190,000 Units. The Company intends to use the net proceeds from the Offering for working capital requirements and other general corporate purposes. The Offering is anticipated to close on or about November 16, 2023, or such other date as the Company may determine (the \"Closing Date\"). The closing of the Offering is subject to certain conditions, including the approval of the TSXV and certain other conditions customary for a private placement of this nature. All securities issued pursuant to the Offering will be subject to a statutory four-month and one-day hold period from the Closing Date. The Company may pay a finder's fee in respect of those purchasers under the Offering introduced to the Company by certain eligible persons (each a \"Finder\"). Each Finder will receive a cash payment equal to 6% of the gross proceeds received by the Company from purchasers ...