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Tinka Resources signs subscription agreements for second tranche of placement

Last updated: 02:35 25 Apr 2018 AEST, First published: 21:35 24 Apr 2018 AEST

Canadian dollars
In aggregate, Tinka will raise gross proceeds of C$16,239,496

Tinka Resources Limited (CVE:TK) has entered into subscription agreements with the International Finance Corporation (IFC), and Sentient Global Resources Fund IV.

The agreements are in connection with the second tranche of Tinka's previously announced non-brokered private placement financing of units of the company.

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

The Second Tranche was necessary to accommodate the IFC and Sentient IV exercising their pre-emptive rights as a result of the company's public offering of units that closed on April 4, 2018 and the first tranche of the placement that closed on April 6, 2018.

In aggregate, the bought deal, first tranche and second tranche comprise a total of 33.8mln units for gross proceeds of C$16.24mln.

The company plans to use the net proceeds from the second tranche of the placement to fund exploration expenditures at the company's Ayawilca project in Peru, as well as for other corporate purposes and general working capital.

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