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Tinka Resources set to raise C$2.4mln in oversubscribed second tranche of placing

Earlier this month, it closed the first tranche, bringing in C$5.77mln..
Zinc capsule
Tinka is on the hunt for zinc in Peru

Tinka Resources Ltd (CVE:TK) told investors it had increased the size of its second tranche placing to raise C$2.4mln due to certain shareholders exercising pre-emptive rights.

Earlier this month, it closed the first tranche, bringing in C$5.77mln.

And that came hot on the heels of the group raising over C$8mln in an oversubscribed bought deal financing to be used for exploration in Peru.

The International Finance Corp (IFC) has proposed to acquire 3.95mln units at 48 cents a throw for gross proceeds of C$1,896,000.

As a result of IFC's participation in the is second tranche, Sentient Global Resources Fund IV (Sentient IV), an insider of Tinka, has exercised its pre-existing pre-emptive right.

Thus, it will subscribe for 1,070,000 units for gross proceeds of C$513,600, to maintain its pro-rata share ownership interest in Tinka.

Each unit consists of one share, and one-half of a share purchase warrant, which will entitle the holder to acquire one share for 75 cents for one year from closing.

Proceeds will be used for exploration at the Ayawilca project in Peru, as well as for other corporate purposes and general working capital.

Ayawilca lies in the zinc-lead-silver belt of central Peru, 200km northeast of Lima.

The Ayawilca Zinc zone has an inferred mineral resource of 42.7Mt (million tons) at 6% zinc, 0.2% lead, 17 g/t (grams per ton) silver and 79 g/t indium.

There is also a tin zone inferred resource of 10.5 Mt at 0.6 % tin, 0.2% copper & 12 g/t silver.

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