Turmalina Announces Closing of $5,000,000 Financing
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February 15, 2023
Turmalina Announces Closing of $5,000,000 Financing
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, BC - Turmalina Metals Corp. (“Turmalina”, or the “ Company”; TBX-TSXV, TBXXF-OTCQX,
3RI-FSE) is pleased to announce that it has closed its previously announced non-brokered private
placement offering (the “Offering”) for aggregate gross proceeds of approximately $5,000,000, from
the issuance of 11,111,111 units of the Company (the “Units”) at a price of $0.45 per Unit. Each Unit
is comprised of one common share of the Company (a "Common Share") and one-half of one Common
Share purchase warrant (each whole warrant, a " Warrant"). Each whole Warrant is exercisable to
acquire one Common Share at a price of $0.60 per Common Share for a period of 24 months from the
closing of the Offering.
CEO and Director, Mr. James Rogers, states, “Closing this upsized financing shortly after launch is a
testament to the strength of the projects, team, and supportive investor base that make up Turmalina
Metals. We look forward to updating investors as we advance exploration at both San Francisco in
San Juan, Argentina and at Chanape in Peru.”
The net proceeds of the Offering will be used for further exploration work on the Company's projects
and for general working capital purposes, as is more fully described in the Company's amended and
restated offering document dated February 13, 2023 and filed on SEDAR as well as t he Company’s
website.
The issuance of 11,111,111 Units in this Offering were offered pursuant to the listed issuer financing
exemption under Part 5A of National Instrument 45 -106 Prospectus Exemptions and therefore the
securities issued in the Offering will not be subject to a hold period in accordance with applicable
Canadian securities laws.
The Company engaged Haywood Securities Inc., Canaccord Genuity Corp., Eventus Capital Corp., PI
Financial Corp., Red Cloud Securities Inc., Leede Jones Gable Inc. and Research Capital Corporation as
finders (each, a “ Finder”) in connection with the Offering. The Company paid each Finder a
commission equal to 7% of gross proceeds of the Offering raised from sales to subscribers identified
by such Finder for an aggregate cash commission of approximately $254,124. In addition, the
Company issued to each Finder a number of Common Share purchase warrants equal to 7% of the
Units sold pur suant to the Offering to subscribers identified by such Finder (the “ Compensation
Warrants”) for an aggregate of 5 64,719 Compensation Warrants. Each Compensation Warrant
entitles the holder to acquire one Common Share at an exercise price of $0.45 per Common Share for
a period of 24 months following the closing of the Offering. The Compensation Warrants, and the
Common Shares underlying the Compensation Warrants, are subject to a statutory hold period of four
months and one day from the date of issuance.
The securities to be issued pursuant to the Offering have not, nor will they be registered under the
United States Securities Act of 1933, as amended, and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. pers ons in the absence of U.S. registration or an
applicable exemption from the U.S. registration requirements. This news release shall not constitute
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an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the
United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
On Behalf of the Company,
James Rogers, Chief Executive Officer and Director.
Website: turmalinametals.com
Address: #488 - 1090 West Georgia St, Vancouver, BC V6E 3V7.
For Investor Relations enquiries, please contact +1 833 923 3334 (toll free) or via
Statements
About Turmalina Metals: T urmalina Metals is a TSXV- listed exploration company focused on developing our
portfolio of high -grade gold-copper-silver projects in South America. Our focus is on tourmaline breccias, a
deposit style overlooked by many explorers. Turmalina Metals is led by a team responsible for multiple gold -
copper-silver discoveries who are highly experienced in this deposit style. Our projects are characterised by open
high-grade minerali zation on established mining licenses that present compelling drill targets. The flagship
project held by Turmalina is the San Francisco project in San Juan, Argentina. For further information on the San
Francisco Project, refer to the technical report enti tled “NI43-101 Technical Report San Francisco Copper Gold
Project, San Juan Province, Argentina” dated November 17, 2019 under the Corporation’s profile at
www.sedar.com.
Forward Looki ng Statement: This news release includes certain statements that may be deemed “forward -
looking statements”. All statements in this news release, other than statements of historical facts, that address
events or developments that the Company expects to oc cur, are forward-looking statements. Forward -looking
statements are statements that are not historical facts and are generally, but not always, identified by the words
“expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “pote ntial” and similar
expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the
Company believes the expectations expressed in such forward -looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual results may differ materially
from those in the forward -looking statements. Forward looking statements in this news release include the
anticipated use of proceeds of the Offering, and future shareholder updates with respect to the Company’s
mineral exploration properties, namely the San Francisco project and the Chanape project. Factors that could
cause the actual results to differ materially from those in forward -looking statements include market prices,
continued availability of capital and financing, and general economic, market or business conditions , as well as
legal, social, and economic conditions in Argentina and Peru, where the Company’s mineral exploration
properties are located . Investors are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from those projected in the forward -
looking statements. Forward -looking statements are based on the beliefs, estimates and opinions of the
Company’s management on the date the statements are made. Except as required by applicable securities laws,
the Company undertakes no obligation to update these forward- looking statements in the event that
management's beliefs, estimates or opinions, or other factors, should change.
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 or has in any way
approved or disapproved of the contents of this press release.