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Tinka Announces Closing C$11m Strategic Investment By Nexa And Buenaventura
VANCOUVER, BC / ACCESSWIRE / May 31, 2022 / Tinka Resources Limited (" Tinka " or the " Comp...
About this update from Tinka Resources Limited
[{"type":"text","content":"Tinka Announces Closing C$11m Strategic Investment By Nexa And BuenaventuraVANCOUVER, BC / ACCESSWIRE / May 31, 2022 / Tinka Resources Limited (\"Tinka\" or the \"Company\") (TSX.V & BVL:TK) (OTCQB:TKRFF) is pleased to announce the closing of the strategic private placement financing (the \"Private Placement\") announced on May 25, 2022. Under the Private Placement, the Company has issued an aggregate of 50,563,210 common shares of the Company (the \"Common Shares\") at an issue price of C$0.22 (the \"Issue Price\") per Common Share for gross proceeds to the Company of C$11.12 million.Prior to the closing of the Private Placement, Nexa Resources S.A. (\"Nexa\"), the largest zinc producer in Latin America with several long-life operating mines and smelting operations in Peru and Brazil, held 30,550,512 common shares of Tinka or approximately 9.0% of the outstanding common shares of Tinka on a non-diluted basis. Pursuant to the Private Placement, Nexa subscribed for 40,792,541 Common Shares, resulting in Nexa becoming a new insider of Tinka holding a total of 71,343,053 common shares or 18.2% of the outstanding common shares of Tinka on a non-diluted basis.Compañia de Minas Buenaventura SAA (\"Buenaventura\"), an Insider of the Company, exercised its pre-existing participation rights on the same terms and conditions of the Private Placement. As a result, Buenaventura subscribed for 9,770,669 Common Shares in the Private Placement at the Issue Price. Pursuant to the closing of the Private Placement, Buenaventura now holds 75,614,289 common shares of Tinka or approximately 19.3% of the outstanding common shares of the Company on a non-diluted basis.The proceeds of the Private Placement will be used for development of the Company's Ayawilca project (including significant exploration and infill drilling programs, metallurgical programs, and other technical and environmental studies), the continued early-stage exploration of the Silvia project, and for working capital and general corporate purposes. No finder's fees or commissions are payable on the Private Placement.The President and CEO of Tinka, Dr. Graham Carman, stated: \"The closing of the C$11M Private Placement financing with Nexa and Buenaventura will enable the Company to accelerate its work programs and advance Ayawilca as quickly as possible towards development. I ...