In This Article:
Tinka Resources Limited ("Tinka" or the "Company") (TSXV:TK)(BVL:TK)(OTCQB:TKRFF) announces that following the closing of the first tranche (the "First Tranche") of its non-brokered private placement financing (the "Offering") of units (the "Units"), TSX Venture Exchange (the "Exchange") has agreed to extend the closing of the Offering to on or before February 4, 2025.
As previously announced by the Company on November 20, 2024, the Offering consists of up to 50,000,000 Units at a price of C$0.10 per Unit (the "Issue Price") for gross proceeds of up to C$5,000,000. Each Unit comprises one common share (a "Share") and one-half of one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional Share of the Company at an exercise price of C$0.15 for a period of eighteen (18) months from closing of the Offering. Securities issued pursuant to the Offering will be subject to a statutory four month and one day hold period. The Offering is subject to final approval of the TSX Venture Exchange.
Pursuant to the closing of the First Tranche on December 17, 2024, the Company issued 17,392,958 Units at a price of C$0.10 per Unit for gross proceeds of C$1,739,296. All securities issued in connection with the First Tranche are subject to a statutory four-month hold period, expiring on April 18, 2025.
The Company plans to use the net proceeds from the Offering to fund step-out and resource optimization drilling of approximately 4,000 metres at the East Ayawilca zinc-silver-lead area, for exploration at the Silvia copper-gold property, and for general working capital and corporate purposes. See October 16, 2024 news release for information regarding key exploration targets proposed for 2024/25.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
| On behalf of the Board, "Graham Carman" | Further Information: Stay up to date by subscribing for news alerts at Contact Tinka and by following Tinka on X, LinkedIn and Facebook. |
About Tinka Resources Limited
Tinka is an exploration and development company with its flagship property being the 100%-owned Ayawilca zinc-silver-tin project in central Peru. The Zinc Zone at Ayawilca has an estimated Indicated Mineral Resource of 28.3 Mt grading 5.82% zinc, 16.4 g/t silver, 0.2% lead and 91 g/t indium, and an Inferred Mineral Resource of 31.2 Mt grading 4.21% zinc, 14.5 g/t silver, 0.2% lead and 45 g/t indium. The Silver Zone has an estimated Inferred Mineral Resource of 1.0 Mt grading 111.4 g/t silver, 1.54% zinc, & 0.5% lead. The Tin Zone has an estimated Indicated Mineral Resource of 1.4 million tonnes grading 0.72% tin and an Inferred Mineral Resource of 12.7 Mt grading 0.76% tin. The Company filed a NI 43-101 technical report on an updated PEA for the Ayawilca Project on April 15, 2024 (link to NI 43-101 report here). Dr. Graham Carman, Tinka's President and CEO, has reviewed, verified and approved the technical contents of this release. Dr. Carman is a Fellow of the Australasian Institute of Mining and Metallurgy, and is a Qualified Person as defined by National Instrument 43-101.