Tincorp Announces Credit Facility and Cancels Private Placement
- None.
- Cancellation of a private placement due to evolving market conditions
Vancouver, British Columbia--(Newsfile Corp. - January 8, 2024) - Tincorp Metals Inc. (TSXV: TIN) (OTCQX: TINFF) ("Tincorp" or the "Company") announces that it has entered into an interest-free unsecured credit facility agreement with no conversion features (the "Agreement") with Silvercorp Metals Inc. (the "Lender"), an insider which holds
Under the terms of the Agreement, the Company is entitled to draw down up to US
The Bonus Shares will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.
The issuance of common shares to an insider and the entering into the Agreement each constitute a "related party transaction," as defined under Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The transactions will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to, or the consideration paid for the Agreement will exceed
Further, due to the evolving market conditions, the Company has decided to cancel the private placement previously announced on October 16, 2023.
About Tincorp
Tincorp Metals Inc. is a mineral exploration company focusing on tin projects in Bolivia and a gold project near Whitehorse, Yukon, Canada. The Company has signed agreements to acquire a
On Behalf of Tincorp Metals Inc.
signed "Gordon Neal"
Gordon Neal, CEO
For further information, please contact:
Investor Relations, Tincorp Metals Inc.
Phone: +1 (604)-336-5919
Email: info@tincorp.com
www.tincorp.com
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 news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collective, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding the financial flexibility that the Facility will provide the Company and the expected use of any amounts drawn against the Facility, including to fund operations and provide general working capital, and the approval of the TSXV are forward-looking statements. Estimates of mineral reserves and mineral resources are also forward-looking information because they incorporate estimates of future developments including future mineral prices, costs and expenses and the amount of minerals that will be encountered if a property is developed. Forward-looking statements are often, but not always, identified by words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Forward-looking statements are based on the opinions, assumptions, factors and estimates of management considered reasonable at the date the statements are made. The opinions, assumptions, factors and estimates which may prove to be incorrect, include, but are not limited to: whether the Company will acquire up to a
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others: the risk that the Company will not acquire up to a
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
Additional information in relation to the Company, including the Company's most recent annual information form, can be obtained under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.tincorp.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193535
FAQ
What did Tincorp Metals Inc. announce?
What does the agreement with Silvercorp Metals Inc. entail?