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Tinka Announces Strategic Investment by Buenaventura
Tinka Announces Strategic Investment by Buenaventura Canada NewsWire VANCOUVER, ...
About this update from Tinka Resources Limited
[{"type":"text","content":"\n\n\n\nTinka Announces Strategic Investment by Buenaventura\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, Dec. 19, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n VANCOUVER, Dec. 19, 2019 /CNW/ - Tinka Resources Limited (\"Tinka\" or the \"Company\") (TSXV & BVL: TK) (OTCPK: TKRFF) is pleased to announce that it has entered into an equity subscription agreement (the \"Agreement\") with Compañia de Minas Buenaventura SAA (\"Buenaventura\").  Buenaventura is a precious and base metals mining and exploration-development company with numerous mining operations in Peru, listed on the New York Stock Exchange and Lima Stock Exchange (NYSE: BVN & BVL: BUENAV).  \n\n \n \n\n\n\n\n\n\n\n \nUnder the terms of the Agreement, Buenaventura will subscribe for 65,843,620 common shares (the \"Common Shares\") of Tinka 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 pre-existing rights subscriptions described below, the \"Private Placement\").  The Issue Price represents a premium of 83% to Tinka's 3-month VWAP and a premium of 45% to Tinka's 6-month VWAP, on the TSX Venture Exchange.  Upon closing of the Buenaventura Subscription, Buenaventura will become a new insider of Tinka holding approximately 19.9% of the outstanding common shares of the Company on a non-diluted basis, subject to the exercise of pre-existing pre-emptive rights. The long-term nature of this strategic relationship is demonstrated by Buenaventura agreeing to a 24-month equity lock-up on the Common Shares, as well as to certain customary standstill provisions.  Subject to receipt of TSX Venture Exchange (the \"Exchange\") acceptance, the Private Placement is expected to close on or about January 7, 2020. \nThe net proceeds from the Private Placement will be used for development of the Company's Ayawilca Project, furthe...