VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/28/17 -- Tintina Resources Inc. ("Tintina" or the "Company") (TSX VENTURE: TAU)(OTCQB: TINTF) reports that Sandfire Resources NL ("Sandfire") announced today that Sandfire has agreed to purchase, through its wholly owned subsidiary Sandfire BC Holdings Inc., 54,632,580 common shares of Tintina from Electrum Global Holdings L.P. and a related company, at a price per share of C$0.1305. The shares to be purchased represent 16.9% of the currently outstanding Tintina common shares.
Upon completion of the purchase of the shares, Sandfire will beneficially own and control 252,567,838 common shares (78.1% of the issued and outstanding common shares) and warrants to purchase an additional 60,000,000 common shares, which warrants, if exercised in full, Sandfire would have beneficial ownership and control over 81.5% (312,567,838) of Tintina's then issued and outstanding common shares calculated on a partially diluted basis and based on the currently outstanding Tintina common shares.
John Shanahan, President & CEO, stated, "Tintina is pleased that Sandfire continues to support the advancement of its flagship Black Butte Copper Project. We gratefully thank Electrum Global Holdings for their participation and support over the years. Sandfire's agreement to increase its ownership in Tintina clearly demonstrates Sandfire's continuing commitment to developing the high grade/underground Black Butte Copper Project as an industry leading example of responsible development. The communities of Central Montana welcome this commitment of environmental stewardship and economic development."
Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute "forward-looking information" within the meaning of Canadian securities legislation, including statements regarding the Company's plans for advancing the Black Butte Copper Project, including plans for tailings and water management and the MOP application and expected outcomes. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company's plans for tailings and water management will be implemented as expected and will have the intended benefits and that the results of exploration and development activities are consistent with management's expectations. However, the forward-looking statements in this document are subject to numerous risks, uncertainties and other factors relating to Tintina's operation as a mineral exploration and development company and the Black Butte Copper Project that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including that results of exploration and development activities will not be consistent with management's expectations, delays in obtaining or inability to obtain required government or other regulatory approvals or financing, failure of plant, equipment or processes to operate as anticipated, the risk of accidents, labor disputes, inclement or hazardous weather conditions, unusual or unexpected geological conditions, ground control problems, earthquakes, flooding and all of the other risks generally associated with the development of mining facilities and the operation of a producing mine. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. Tintina does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Certain disclosures in this document constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation.
Tintina Resources Inc.
Director of Public Affairs