VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/19/16 -- Tintina Resources Inc. (TSX VENTURE: TAU)(OTCQX: TINTF) ("Tintina" or the "Company") announces that it has closed its rights offering, issuing 101,045,832 common shares for gross proceeds of $6,062,749.92.
The Company's two largest shareholders, Sandfire BC Holdings Inc. ("Sandfire") and Electrum Global Holdings L.P ("Electrum" and together with Sandfire, the "Purchasers"), together with certain of their affiliates, fully exercised their respective basic subscription privileges to purchase their pro rata share of the common shares offered in the rights offering, being an aggregate of 90,202,799 common shares. 96,943,835 of the shares issued in the rights offering were distributed under basic subscription privileges (of which 94,303,594 were issued to insiders, including the Purchasers). 4,101,997 of the shares issued in the rights offering were distributed under additional subscription privileges (all of which were issued to non-insiders). To the knowledge of the Company, no person became an insider as a result of the rights offering.
On completion of the rights offering, the total number of issued and outstanding shares of the Company is now 323,538,342. 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 advance the Black Butte Copper Project and for general working capital purposes, as described in its rights offering circular filed on SEDAR at www.sedar.com.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Tintina Resources Inc.
Mr. John Shanahan
President and Chief Executive Officer