Tinka Announces Closing of Non-Brokered Portion of Private Placement
TINKA RESOURCES LIMITED
#1305 – 1090 WEST GEORGIA STREET VANCOUVER, B.C. V6E 3V7 Tel: (604) 685 9316 Fax (604) 683 1585 Website: www.tinkaresources.com TSXV – TK; Frankfurt – TLD; Pinksheets - TKRFF
NEWS RELEASE January 4, 2010
TINKA ANNOUNCES CLOSING OF NON-BROKERED PORTION OF PRIVATE PLACEMENT Vancouver, Canada - Tinka Resources Limited (the “Company”) (TSXV - TK; Frankfurt - TLD; Pinksheets -TKRFF). The Company announces that it has closed the non-brokered portion of the private placement financing announced on December 16, 2009, by issuing 3,000,000 units at $0.10 per unit for gross proceeds of $300,000. Each unit comprises one common share and one share purchase warrant. Each warrant entitles the holder to purchase one common share of the Company for a period of 18 months at a price of $0.15 per warrant up to and including July 4, 2011.
All securities issued in connection with the non-brokered portion of the financing are subject to a four-month hold period expiring May 5, 2010. A cash payment of $8,000 is payable to finders.
The Company anticipates closing of the brokered portion of the financing being undertaken with Union Securities Ltd. (“Union”) acting as agent to take place on or before January 29, 2010. Union has been retained to act as the Company’s exclusive agent in connection with the brokered portion of the financing which consists of up to 9,000,000 units. Union also has been granted the right to an overallotment for up to an additional 20% of the financing exercisable prior to final closing of the financing. Union will be paid a cash commission of 8% of the funds raised by Union, and will be issued agent options equal to 10% of the total units sold by Union, with such agent’s options having the same terms as the warrants being issued under this financing. The Company will also pay Union a work fee and reimburse Union for reasonable expenses incurred in connection with the financing.
The net proceeds from the financing will be used to fund exploration work on the Company’s Colquipucro project in Peru and for general working capital.
The financing is subject to final acceptance from the TSX Venture Exchange.
On behalf of the Board, Company information contact:
Mariana Bermudez at (604) 699 0202 or email: [email protected] “Andrew Carter”
website: www.tinkaresources.com Andrew Carter, President & CEO
Forward Looking Statements This Company Press Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the Frankfurt Stock Exchange accepts responsibility for the adequacy or accuracy of this news release.
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