VANCOUVER, Nov. 18,
2015 /CNW/ - Tintina Resources Inc. ("Tintina" or the
"Company") (TSX.V:"TAU"; OTCQX: "TINTF") reports that Sandfire
Resources NL ("Sandfire") announced today that Sandfire has agreed
to purchase, through its wholly-owned subsidiary Sandfire BC
Holdings Inc. 47,244,095 common shares of Tintina from Quantum
Partners LP, a current significant shareholder of Tintina, at a
price per share of $0.0831,
representing a premium of 38.5% based on today's closing market
price. The shares to be purchased represent 21.2% of the
currently outstanding Tintina common shares.
Upon completion of the purchase of the shares,
Tintina understands that Sandfire will beneficially own and control
127,244,095 common shares (57.2% of the issued and outstanding
common shares) and warrants to purchase an additional 80,000,000
common shares, which warrants, if exercised, represent an
additional approximately 26.4% of Tintina's then issued and
outstanding common shares on a partially diluted basis. If such
warrants were exercised in full, Sandfire would have beneficial
ownership and control over 68.5% (207,244,095) of Tintina's then
issued and outstanding common shares calculated on a partially
diluted basis and based on the currently outstanding Tintina common
shares.
Tintina is pleased that Sandfire continues to
support the advancement of its flagship Black Butte Copper
Project. Sandfire has proven, through its development and
operation of the Degrussa Copper-Gold Mine, that it is a
progressive operator utilizing best practice mining techniques and
becoming a world-leading reference site for the use of renewable
energy in the mining industry following the construction of a
10.6MW solar power station which will be fully operational in
2016.
It is understood that Mr. Mark Pinho will step down from the Board of
Directors in conjunction with the closing of the share sale.
Bruce Hooper,
President & CEO, stated, "We thank Quantum Partners and
Mark Pinho for their support in
developing the Black Butte Copper Project to where it is today and
wish them well in their future endeavors. Sandfire's agreement to
increase its ownership in Tintina demonstrates Sandfire's
continuing interest in the development of the Black Butte Copper
Project."
ABOUT TINTINA RESOURCES INC.
Tintina Resources Inc. is a growth company
focused on the exploration, development, and mining of its 100%
owned flagship property, the Black Butte Copper Project in central
Montana, USA. The Company is led
by a highly experienced executive management team that has a
successful track record of building shareholder value through
exploration, corporate finance, and mine development.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Tintina Resources Inc.