Tumi Closes Private Placement
# 1305 – 1090 West Georgia Street TSXV - TM Vancouver, BC, V6E 3V7, Canada Tel: (604) 699-0202 Fax: (604) 683-1585 Frankfurt - TUY Email: [email protected]
Pink Sheets - TUMIF www.tumiresources.com
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News Release May 19, 2011
TUMI CLOSES PRIVATE PLACEMENT
Vancouver, Canada – Tumi Resources Limited (the “Company”) (TSXV-TM; Pink Sheets – TUMIF; Frankfurt - TUY). The Company is pleased to announce the closing of its non-brokered private placement financing announced on April 25, 2011 by issuing a total of 6,250,000 units at $0.20 per unit (“Unit”). Each Unit comprised one common share of the Company and one-half non-transferable share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to purchase one additional share for a period of two years from the date of closing of the financing, at a price of $0.23 per share in the first year and at a price of $0.30 per share in the second year, subject to, at the discretion of the Company, a forced conversion that comes into effect once the shares trade on a weighted average price of $0.40 per common share for any 10 consecutive trading-day period after four months and one day from the closing date of the financing. The expiry date will then be 30 days from the date the Company issues a news release announcing the forced conversion.
The net proceeds from the financing will be used to fund exploration work on the Company’s mineral properties and for general working capital.
All securities issued in connection with the Financing are subject to a four-month hold period expiring in September 2011.
On behalf of the Board,
Company Contact: Investor Information Contact:
Mariana Bermudez at (604) 699-0202 Mining Interactive
"David Henstridge"
or email: [email protected] Nick L. Nicolaas at (604) 657-4058 David Henstridge, President & CEO website: www.tumiresources.com or email: [email protected]
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.