Tinka upsizes private placement to C$14M

* Tinka Resources (TSXV:TK:CA [https://seekingalpha.com/symbol/TK:CA]) on Wednesday said it has increased the size of its private placement financing from gross proceeds of up to C$11 million to gross proceeds of up to C$14 million.
* As announced by the company on September 8, the company plans to undertake a consolidation on the basis of five pre-consolidation shares for every one post-consolidation share.
* The upsized offering shall consist of the sale of up to 254.54M units of the company at a price of C$0.055 per unit on a pre-consolidation basis, or 50.9M units at a price of $0.275 per unit on a post-consolidation basis, for gross proceeds of up to C$14M.
* Each Unit comprises one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one additional share of the company at an exercise price of C$0.08 or at an exercise price of $0.40 for a period of thirty-six months from closing of the offering.
* It is anticipated that certain directors and officers of the company will participate in the offering.
* The company plans to use the net proceeds to fund an initial drill program at the Silvia gold-copper project, resource expansion at Ayawilca including targeting of high-grade zinc mineralization, and for corporate and general working capital purposes.
* Source: Press Release [https://seekingalpha.com/pr/20227473-tinka-upsizes-private-placement-to-c-14-million-and-announces-grant-of-stock-options]

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