/THIS NEWS RELEASE IS INTENDED FOR
DISTRIBUTION IN CANADA ONLY AND IS
NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, April 4, 2018 /CNW/ - Tinka Resources
Limited (TSXV & BVL: TK) (OTCPK: TKRFF) (the
"Company" or "Tinka") is pleased to announce that it has closed its
previously announced bought deal financing, including the exercise
in full of the underwriters' over-allotment option. A total of
16,790,000 units (the "Units") of Tinka were sold at a price of
C$0.48 per Unit (the "Offering
Price"), for aggregate gross proceeds of C$8,059,200 (the "Offering"). Each Unit
consisted of one (1) common share (a "Common Share") and one-half
(0.5) of a common share purchase warrant (each whole common share
purchase warrant a "Warrant"). Each Warrant entitles the
holder to acquire one common share of the Company at a price of
C$0.75 at any time prior to
April 4, 2019.
The net proceeds from the Offering will be used to fund
exploration expenditures and related costs related to the Phase 1
recommended work program at the Company's Ayawilca Project in
Peru, for further exploratory
drilling at the Ayawilca Project as well as for general working
capital and corporate purposes.
The Offering was completed through a syndicate of underwriters
led by GMP Securities L.P. and including Canaccord Genuity Corp.,
Beacon Securities Limited, CIBC World Markets Inc., and Industrial
Alliance Securities Inc. (collectively, the
"Underwriters"). The Underwriters received a cash commission
equal to 6% of the gross proceeds of the Offering.
The Offering was completed by way of a short form prospectus
which was filed in all the provinces of Canada, except Québec. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Concurrent with the Offering, the Company is undertaking a
non-brokered private placement (the "Private Placement") of up to
14,000,000 Units at the Offering Price for additional gross
proceeds of up to C$6,720,000 to i)
certain existing shareholders pursuant to the exercise of
pre-emptive rights, and ii) certain Peruvian and other
purchasers. The Private Placement is expected to close on or
about April 6, 2018.
The securities offered have not been, and will not be,
registered under the U.S. Securities Act of 1933, as amended (the
"U.S. Securities Act") or any U.S. state securities laws, and may
not be offered or sold in the United
States or to, or for the account or benefit of, a U.S.
Person (as defined in Regulation S under the U.S. Securities Act)
absent registration or an applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
U.S. state securities laws. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy securities
in the United States or to, or for
the account or benefit of, any U.S. Person, nor shall there be any
sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Tinka Resources Limited
Tinka is an exploration and development company with its
flagship property being the 100%-owned Ayawilca carbonate
replacement deposit (CRD) in the zinc-lead-silver belt of central
Peru, 200 kilometres northeast of
Lima. The Ayawilca Zinc Zone has
an Inferred Mineral Resource of 42.7Mt at 6.0% zinc, 0.2% lead, 17
g/t silver & 79 g/t indium, and a Tin Zone Inferred Mineral
Resource of 10.5 Mt at 0.6 % tin, 0.2% copper & 12 g/t silver
(November 2017).
The scientific and technical disclosure in this news release has
been reviewed by Dr. Graham Carman,
President and CEO of the Company who is a Qualified Person as
defined by National Instrument 43-101 – Standards of Disclosure for
Mineral Projects.
FORWARD-LOOKING STATEMENTS
Certain information in this
news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws (collectively "forward-looking statements").
All statements, other than statements of historical fact are
forward-looking statements, including but not limited to statements
regarding the intended use of proceeds and the completion of the
Private Placement. Forward-looking statements are based on the
beliefs and expectations of Tinka as well as assumptions made by
and information currently available to Tinka's management. Such
statements reflect the current risks, uncertainties and assumptions
related to certain factors including, without limitations, the
successful completion of the Private Placement, the receipts of
requisite regulatory approvals, the anticipated use of proceeds of
the Offering and the Private Placement, drilling results, the
Company's expectations regarding mineral resource calculations,
capital and other costs varying significantly from estimates,
production rates varying from estimates, changes in world metal
markets, changes in equity markets, uncertainties relating to the
availability and costs of financing needed in the future, equipment
failure, unexpected geological conditions, imprecision in resource
estimates or metal recoveries, success of future development
initiatives, competition, operating performance, environmental and
safety risks, delays in obtaining or failure to obtain necessary
permits and approvals from local authorities, community agreements
and relations, and other development and operating risks. Should
any one or more of these risks or uncertainties materialize, or
should any underlying assumptions prove incorrect, actual results
may vary materially from those described herein. Although Tinka
believes that assumptions inherent in the forward-looking
statements are reasonable, forward-looking statements are not
guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent
uncertainty therein. Except as may be required by applicable
securities laws, Tinka disclaims any intent or obligation to update
any forward-looking statement.
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 Tinka Resources Limited