Transatlantic Mining Corp. Announces Financing of CAD $10 million to purchase the US Grant Mine and further develop mining activities Madison County
Not for distribution to United States Newswire Services or for dissemination in the United States
TCO NEWS RELEASE-VANCOUVER, B.C., May 17, 2017 – Transatlantic Mining Corp. (the “Company”) (TCO:TSX.V) announces that the Board of Directors has resolved to raise CAD$10 million to purchase and advance the US Grant mine.
Details:
- 50 million new units at CAD$0.20 cents
- A unit comprising of one common share and one half of one common share purchase warrant. Each
whole warrant will be exercisable at CAD$0.30 cents with a two year expiry
- The placement is scheduled to close on the 14 June 2017
The funds will be used as follows (CAD):-
| Purchase US Grant Mine (US$1.7M) | $2.3M |
| Develop mine access to the mineralisation | $1.0M |
| Purchase new mining equipment | $2.0M |
| Resource Definition Drilling | $1.5M |
| Kearsage due diligence | $0.5M |
| Working Capital | $2.7M |
| Total | $10M |
Chief Executive Officer, Bernie Sostak intends on converting his CAD$1 million short term loan facility into equity as part of the placement.
The closing of the Offering is expected to occur on or about June 14, 2017 and is subject to receipt of all necessary regulatory approvals. The Units, including all underlying securities thereof, and any broker warrants issued with respect to the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws. Finder’s fees or commissions may be payable by the Company in connection with this Private Placement. The offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX-V.
Transatlantic Mining Corp. | Suite 800 | 1199 West Hastings Street | Vancouver | Canada V6E 3T5 T 604-424 8257 | F 604-357 1139| www.transatlanticminingcorp.com This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
About Transatlantic Mining Corp.
Transatlantic Mining (TSX-V: TCO) is an emerging precious and base metal explorer and developer. The Company has a focus on operating in stable mining jurisdictions. The Company is engaged in controlling and owning mineral properties interests, such as the 80% owned Monitor Copper-Gold project in Idaho (USA).
In January 2016, the Company entered a lease/purchase option agreement on 100% of the US Grant Gold-Silver Mine & Mill project in Montana (USA)..A proven management team that seek to enhance shareholder value through expert exploration/development and expansion of its existing assets, together with selective and future earning accretive acquisitions.
For further information please contact: Bernie Sostak +61 (0) 439 904 044
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 release