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Tinka Announces Closing of C$18.5M Private Placement
Tinka Announces Closing of C$18.5M Private Placement Canada NewsWire VANCOUVER, ...
About this update from Tinka Resources Limited
[{"type":"text","content":"\n\n\n\nTinka Announces Closing of C$18.5M Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Jan. 13, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n VANCOUVER, Jan. 13, 2020 /CNW/ - Tinka Resources Limited (\"Tinka\" or the \"Company\") (TSXV & BVL: TK) (OTCPK: TKRFF) is pleased to announce the closing of the strategic private placement financing announced on December 19, 2019. Under the Private Placement, the Company has issued 65,843,620 common shares of the Company (the \"Common Shares\") to Compañia de Minas Buenaventura SAA (\"Buenaventura\") at a price of C$0.243 per Common Share (the \"Issue Price\") for gross proceeds to Tinka of C$16 million (the \"Buenaventura Subscription\", and collectively with the Sentient Subscription described below, the \"Private Placement\"). As a result of the closing of the Private Placement, Buenaventura has become a new insider of Tinka holding approximately 19.3% of the outstanding common shares of the Company on a non-diluted basis.\n\n \n \n\n \nSentient Global Resources Fund IV, LP (\"Sentient IV\"), an Insider of the Company, exercised its pre-existing participation rights in respect of the Private Placement. As a result, Sentient IV subscribed for 10,288,066 Common Shares in the Private Placement at the Issue Price (the \"Sentient Subscription\") for additional gross proceeds to Tinka of C$2.5 million. Pursuant to the closing of the Private Placement, Sentient IV holds an aggregate of 74,036,831 common shares of Tinka or approximately 21.7% of the Company's outstanding common shares, and approximately 22.5% on a partially-diluted basis assuming only Sentient IV warrants are exercised.\nThe Common Shares issued under the Buenaventura Subscription have a twenty-four-month equity lock-up expiring on January 14, 2022 as well as certain customary standstill provisions. The Common Shares issued pursuant to the Private Placement are subject to a four-month hold period pu...