Business
Tinka announces the closing of the first tranche of its upsized brokered private placement for up to C$11 Million
Tinka announces the closing of the first tranche of its upsized brokered private placement...
About this update from Tinka Resources Limited
[{"type":"text","content":"\n\n\n\nTinka announces the closing of the first tranche of its upsized brokered private placement for up to C$11 Million\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\nTinka announces the closing of the first tranche of its upsized brokered private placement for up to C$11 Million\nCanada NewsWire\nVANCOUVER, Nov. 7, 2016\n\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES/\n\n\n\nVANCOUVER, Nov. 7, 2016 /CNW/ - Tinka Resources Limited (\"Tinka\" or the \"Company\") (TSXV: TK) (OTCPK: TKRFF) is pleased to announce that it has closed the first tranche (the \"First Tranche\") of the previously announced \"best efforts\" private placement offering of common shares of the Company (the \"Shares\") which was subsequently upsized for gross proceeds of up to C$11 million (the \"Offering\"). Under the First Tranche, the Company issued 44,673,250 Shares at an issue price of C$0.20 per share (the \"Issue Price\") for gross proceeds of C$8,934,650.  \n\nThe second tranche of the Offering for additional proceeds of up to C$2,065,350 is expected to close on or about November 15, 2016, pursuant to the exercise of pre-existing participation rights by certain other existing shareholders of Tinka (the \"Second Tranche\").  \n\nThe Company plans to use the net proceeds from the Offering to fund exploration expenditures at the Company's Ayawilca Project in Peru, as well as for other corporate purposes and general working capital.\n\nDr. Graham Carman, President and CEO of Tinka states: \"We are pleased to close the first tranche of the private placement financing having received strong interest from quality institutional investors such as lead investor JPMorgan Asset Management (UK) Ltd. I wish to also thank the Sentient Group for their continued support of the Company, along with several other existing shareholders.\"  \n\n\"The funds raised will enable the Company to execute its exploration ...