VANCOUVER, British Columbia, Oct. 23, 2017 (GLOBE NEWSWIRE) -- Tintina Resources Inc. (TSX-V:TAU) (OTCQB:TINTF) ("Tintina" or the "Company") is pleased to announce that it has closed its rights offering, issuing 179,743,523 common shares for gross proceeds of $10,784,611.40. This represents 100% of the total rights offered.
The Company’s largest shareholder, Sandfire BC Holdings Inc. (“Sandfire”), fully exercised its basic subscription privilege to purchase its pro rata share of the common shares offered in the rights offering, being 140,315,465 common shares.
In total, 153,694,962 common shares issued in the rights offering were distributed under basic subscription privileges, of which 140,409,580 were distributed to insiders of the Company and 13,285,382 were distributed to non-insiders. 26,048,561 common shares were issued under additional subscription privileges, all of which were distributed to non-insiders. To the knowledge of the Company, no person became an insider as a result of the rights offering.
Upon completion of the rights offering, the total number of issued and outstanding shares of the Company is now 503,281,865. Sandfire’s ownership remains at 78.06% of the Company’s issued and outstanding common shares. The Company did not pay any fees or commissions in connection with the distribution of securities in the rights offering.
Tintina intends to use the net proceeds of the rights offering to further advance the Black Butte Copper project and for general working capital purposes. Further details of the Rights Offering are contained in the Company’s rights offering circular, which has been filed on SEDAR under Tintina’s profile at www.sedar.com.
This news release shall not constitute an offer to sell or solicitation of an offer to buy the securities of the Company. There shall be no offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of such securities under the laws of any such jurisdiction.
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.
