Tinka Resources Ltd. (“Tinka”) (TSXV:TK) has closed the strategic private placement financing announced on Dec. 19, 2019. Under the private placement, Tinka issued 65,843,620 $0.243 common shares to Compania de Minas Buenaventura SAA (“Buenaventura”) at a price per share for gross proceeds to Tinka of $16-million. Buenaventura was represented by Stikeman Elliot LLP (Vancouver).
Sentient Global Resources Fund IV LP, an insider of the company, exercised its pre-existing participation rights in respect of the private placement. As a result, Sentient IV subscribed for 10,288,066 common shares in the private placement at the issue price for additional gross proceeds to Tinka of $2.5-million.
The net proceeds from the private placement will be used for development of Tinka’s Ayawilca project, further exploration, and for working capital and general corporate purposes. No finders’ fees or commissions were paid on the private placement.
Tinka is an exploration and development company with its flagship property being the 100-per-cent-owned Ayawilca carbonate replacement deposit located in the zinc-lead-silver belt of central Peru, 200 kilometres northeast of Lima. For further information, see www.tinkaresources.com.
