VANCOUVER, B.C., Jan. 30, 2018 (GLOBE NEWSWIRE) -- TriMetals Mining Inc. (TSX:TMI) (OTCQX:TMIAF) (the “Company”) announces a non-brokered private placement (the "Private Placement") of up to 10,000,000 units (the "Units") at a price of CAD$0.15 per unit to raise aggregate gross proceeds of up to CAD$1,500,000. Each Unit will consist of one common share and one-half of one common share purchase warrant of the Company (each whole warrant, a "Warrant").
Each Warrant will be exercisable by the holder to acquire one additional common share at a price of CAD$0.25 for a period of 24 months (the “Expiry Date”) from the closing of the Private Placement (“Closing Date”) provided that, if at any time after four months and one day following the Closing Date, and prior to the Expiry Date, the closing price of the common shares is CAD$0.35 or above during a 10 consecutive trading day period, the Warrants will expire 30 days after the date on which the Company provides notice of such fact to the holders thereof.
The net proceeds from the Private Placement will be used for exploration of the Company’s Gold Springs project in Nevada, working capital and general corporate purposes.
The securities issued under the Private Placement will be subject to a four-month hold period from the Closing Date. The Private Placement is subject to receipt of regulatory approval. Finder’s fees of up to 7% may be payable in cash under the Private Placement.
The securities offered have not been, and will not be, registered under 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, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
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. and the Escalones copper-gold porphyry deposit in Chile. The Company combines a track record of discovery and advancement of large projects, mining and exploration supportive jurisdictions, low political risk areas, 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(1) 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”. Additional information related to TriMetals Mining Inc. is available at www.trimetalsmining.com and on SEDAR at www.sedar.com.
Note:
- Class B shares have no interest in the properties or assets of the Company other than a collective entitlement 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 the Company 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.
