Turmalina Metals Corp. (TSX-V:TBX) (OTCQX:TBXXF) (FSE3RI) is pleased to announce that it has closed its previously announced non-brokered private placement offering for aggregate gross proceeds of approximately $5,000,000, from the issuance of 11,111,111 units of the Company at a price of $0.45 per Unit. Each Unit is comprised of one common share of the Company and one-half of one Common Share purchase warrant. Each whole Warrant is exercisable to acquire one Common Share at a price of $0.60 per Common Share for a period of 24 months from the closing of the Offering.
CEO and Director, Mr. James Rogers, states, “Closing this upsized financing shortly after launch is a testament to the strength of the projects, team, and supportive investor base that make up Turmalina Metals. We look forward to updating investors as we advance exploration at both San Francisco in San Juan, Argentina and at Chanape in Peru.”
The net proceeds of the Offering will be used for further exploration work on the Company’s projects and for general working capital purposes, as is more fully described in the Company’s amended and restated offering document dated February 13, 2023 and filed on SEDAR as well as the Company’s website.
The issuance of 11,111,111 Units in this Offering were offered pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 Prospectus Exemptions and therefore the securities issued in the Offering will not be subject to a hold period in accordance with applicable Canadian securities laws.
The Company engaged Haywood Securities Inc., Canaccord Genuity Corp., Eventus Capital Corp., PI Financial Corp., Red Cloud Securities Inc., Leede Jones Gable Inc. and Research Capital Corporation as finders in connection with the Offering. The Company paid each Finder a commission equal to 7% of gross proceeds of the Offering raised from sales to subscribers identified by such Finder for an aggregate cash commission of approximately $254,124. In addition, the Company issued to each Finder a number of Common Share purchase warrants equal to 7% of the Units sold pursuant to the Offering to subscribers identified by such Finder for an aggregate of 564,719 Compensation Warrants. Each Compensation Warrant entitles the holder to acquire one Common Share at an exercise price of $0.45 per Common Share for a period of 24 months following the closing of the Offering. The Compensation Warrants, and the Common Shares underlying the Compensation Warrants, are subject to a statutory hold period of four months and one day from the date of issuance.
The securities to be issued pursuant to the Offering have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
About Turmalina Metals:
Turmalina Metals is a TSXV-listed exploration company focused on developing our portfolio of high-grade gold-copper-silver projects in South America. Our focus is on tourmaline breccias, a deposit style overlooked by many explorers. Turmalina Metals is led by a team responsible for multiple gold-copper-silver discoveries who are highly experienced in this deposit style. Our projects are characterised by open high-grade mineralization on established mining licenses that present compelling drill targets. The flagship project held by Turmalina is the San Francisco project in San Juan, Argentina.
Giyani Metals Corp. (TSX-V:EMM) (GR:A2DUU8) developer of the K.Hill batt... READ MORE
Highlights 2023 JR Zone Drill Program Richards Breccia R23... READ MORE
FIREWEED METALS CORP. (TSX-V: FWZ) (OTCQB: FWEDF) (FSE: M0G) is p... READ MORE
NevGold Corp. (TSX-V:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleas... READ MORE
Pasinex Resources Limited (CSE: PSE) (FSE: PNX) is pleased to pro... READ MORE