VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 18, 2017) - TriMetals Mining Inc. (TSX:TMI)(OTCQX:TMIAF) (the "Company") has announced today that it has entered into an agreement with a syndicate of agents co-led by BMO Capital Markets, PI Financial Corp., and GMP Securities L.P. in connection with a marketed private placement of units (the "Units") at a price of C$0.24 per unit (the "Offering"). The Offering is expected to raise total gross proceeds of approximately C$3.5 million. Each Unit entitles the holder to acquire, for no additional consideration, one common share ("Common Share") of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant a "Warrant") of the Company. BMO Capital Markets is acting as sole bookrunner in the Offering.
Each full Warrant will entitle the holder thereof to purchase one Common Share of the Company at a price of C$0.30 per Common Share, for a period of 30 months following the Closing Date.
The Company will also grant the Agents an option to increase the size of the Offering by up to an additional C$1.5 million of Units on the same terms and conditions as the Offering, exercisable at any time, in whole or in part, up to 48 hours prior to the closing of the Offering. If the option is exercised in its entirety, the aggregate gross proceeds of the Offering to the Company will be approximately C$5 million.
The Company intends to use the net proceeds of the Offering for the continued exploration and resource expansion at the near surface, Gold Springs gold-silver project and for general corporate purposes.
The Offering is expected to close on or about June 2, 2017 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange ("TSX") and the applicable securities regulatory authorities.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About TriMetals Mining Inc.
TriMetals Mining Inc. is a growth focused mineral exploration company creating value through the exploration and development of the near surface, Gold Springs gold-silver project in mining friendly Nevada and Utah in the U.S.A.
The Company's approach to business combines the team's track record of discovery and advancement of large projects, key operational and process expertise, and a focus on community relations and sustainable development. Management has extensive experience in the global exploration and mining industry.
The Company's common shares and Class B shares are listed on the Toronto Stock Exchange under the symbols "TMI" and "TMI.B" and the common shares and Class B shares also trade on the OTCQX market under the symbol "TMIAF" and "TMIBF". Note that the Class B shares have no interest in the properties or assets of the Company. The Class B shares are only entitled collectively to 85% of the net cash, if any, (after deducting all costs, taxes and expenses and the third-party funder's portion thereof) received by TMI from award or settlement in relation to the Company's subsidiary South American Silver Limited's arbitration proceeding against Bolivia for the expropriation of the Malku Khota project in 2012. Additional information related to TriMetals Mining Inc. is available at www.trimetalsmining.com and on SEDAR at www.sedar.com.
