Turmalina Announces Non-Brokered Private Placement
January 31 2023 - 4:47PM
Turmalina Metals Corp. (“
Turmalina”, or the
“
Company”; TBX-TSXV, TBXXF-OTCQX, 3RI-FSE) is
pleased to announce a non-brokered private placement of up to
10,000,000 units of the Company ("
Units") at a
price of $0.45 per Unit (the "
Offering"), for
aggregate gross proceeds of up to $4,500,000.
Each Unit will be comprised of one common share
in the capital of the Company (a "Share") and
one-half of one Share purchase warrant (each whole warrant, a
"Warrant"). Each Warrant will entitle the holder
thereof to acquire one additional share (a "Warrant
Share") at a price of $0.60 per Warrant Share for a period
of 24 months from the closing date of the Offering.
In connection with the Offering, the Company may
pay certain finders (each, a “Finder”) a cash
commission equal to 7% of the aggregate gross proceeds raised from
those purchasers introduced by such Finder and/or issue such Finder
such number of non-transferable Share purchase warrants equal to 7%
of the total number of Units sold to investors introduced by such
Finder, which provide that such Finder may acquire Shares of the
Company (each a “Finder’s Warrant Share”) at $0.45
per Finder’s Warrant Share for a period of 24 months from the date
of issuance.
The Company intends to use the proceeds raised
from the Offering for exploration activities on the Company’s San
Francisco and Chanape Projects, and general corporate purposes. The
Offering may close in tranches. The Offering is expected to close
on or before March 17, 2023. The Offering is subject to certain
conditions including, but not limited to, receipt of all necessary
approvals including the approval of the TSX Venture Exchange.
The Offering is being completed pursuant to the
listed issuer financing exemption under Part 5A of National
Instrument 45-106 Prospectus Exemptions and therefore the
securities issued in the Offering will not be subject to a hold
period in accordance with applicable Canadian securities laws.
There will be an offering document related to the Offering that
will be available under the Company's profile at www.sedar.com and
at https://turmalinametals.com/. Prospective investors should read
this offering document before making an investment decision.
The securities issued pursuant to the Offering
have not, nor will they be registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold
within the United States or to, or for the account or benefit of,
U.S. persons in the absence of U.S. registration or an applicable
exemption from the U.S. registration requirements. This news
release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in
the United States or in any other jurisdiction in which such offer,
solicitation or sale would be unlawful.
On Behalf of the Company,
Dr. James Rogers, Chief Executive Officer and Director.
Website: turmalinametals.comAddress: #488 - 1090 West Georgia
St, Vancouver, BC V6E 3V7.
For Investor Relations enquiries, please contact Bryan
Slusarchuk at +1 833 923 3334 (toll free) or via
info@turmalinametals.com.
Statements
About Turmalina Metals:
Turmalina Metals is a TSXV-listed exploration company focused on
developing our portfolio of high grade gold-copper-silver projects
in South America. Our focus is on tourmaline breccias, a deposit
style overlooked by many explorers. Turmalina Metals is led by a
team responsible for multiple gold-copper-silver discoveries who
are highly experienced in this deposit style. Our projects are
characterised by open high-grade mineralization on established
mining licenses that present compelling drill targets. The flagship
project held by Turmalina is the San Francisco project in San Juan,
Argentina. For further information on the San Francisco Project,
refer to the technical report entitled “NI43-101 Technical Report
San Francisco Copper Gold Project, San Juan Province, Argentina”
dated November 17, 2019 under the Corporation’s profile at
www.sedar.com.
Forward Looking Statement: This
news release includes certain statements that may be deemed
“forward-looking statements”. All statements in this news release,
other than statements of historical facts, that address events or
developments that the Company expects to occur, are forward-looking
statements. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by
the words “expects”, “plans”, “anticipates”, “believes”, “intends”,
“estimates”, “projects”, “potential” and similar expressions, or
that events or conditions “will”, “would”, “may”, “could” or
“should” occur. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in the forward-looking statements. Factors that could cause
the actual results to differ materially from those in
forward-looking statements include market prices, continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Forward-looking statements are
based on the beliefs, estimates and opinions of the Company’s
management on the date the statements are made. Except as required
by applicable securities laws, the Company undertakes no obligation
to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change.
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