Tombill Mines Announces Closing of Over- subscribed Private Placement
Tombill Mines Announces Closing of Over-
subscribed Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 23, 2021) - Tombill Mines Limited (TSXV:
TBLL) Tombill Mines Limited (the “
Company
” or “
Tombill
”), is pleased to announce the closing of its
previously-announced (
see news release dated March 4, 2021
) fully-subscribed private placement.
Subsequent to its prior news release, the private placement was over-subscribed by $500,000, thereby
increasing total proceeds to $2,000,000 (the “
Offering
”).
The Offering is comprised of 8,695,652 units (each, a "
Unit
") at a price of $0.23 per Unit, for aggregate
proceeds of $2,000,000.
Each Unit consists of one common share (a "
Common Share
") and one
common share purchase warrant (a "
Warrant
").
Each Warrant entitles the holder to purchase one
Common Share of the Company at a price of $0.32 for a period of eighteen months after closing.
Upon closing, Crescat Portfolio Management LLC ("Crescat"), will control over 6.1% of the outstanding
common shares of the Company and has been provided with a pre-emptive right to participate in future
offerings of Tombill in order to maintain the lower of its percentage ownership at the time of such offering
or 4%.
The pre-emptive right automatically terminates on the earlier of the date on which Crescat's
ownership of common shares of the Company falls below 2% or 3 years.
The Company intends to use the proceeds of the Offering for working capital and general corporate
purposes.
The securities issued pursuant to the Offering are subject to a hold period of four months plus one day
from the date of closing.
No commission or finder's fee was paid in connection with the Offering.
The Units have not been registered under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an applicable exemption from the registration
requirements.
This press release does not constitute an offer to sell or the solicitation of an offer to buy
the securities herein described and shall not constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of that jurisdiction.
About Tombill
Tombill owns various royalty-free mineral exploration and past-producing gold properties in the
Geraldton and Beardmore Camp, Ontario.
The Company's business is mineral exploration, primarily
gold. It has 74 claims: 60 are owned and patented, five leased, and nine where it owns the mineral rights.
Of these, the Tombill Main Group property comprises 58 claims: 54 owned patents, and four owned
mineral rights. The Tombill Main Group claims were originally staked in the first Geraldton Gold Rush in
the 1930's by Tom Johnson and his brother Bill.
For more information, please visit
www.tombillmines.com
, and contact:
Adam Horne
Chairman & Chief Executive Officer
Email:
/ Tel: +44 (0) 207 529 2351
Reda Jalabi
Strategic Development
Email:
/ Tel: +44 (0) 207 529 2361
Cautionary Note Regarding Forward-Looking Information
This news release may contain forward-looking statements that are based on Tombill's expectations,
estimates and projections regarding its business and the economic environment in which it operates.
These statements are not guarantees of future performance and involve risks and uncertainties that
are difficult to control or predict. Therefore, actual outcomes and results may differ materially from
those expressed in these forward-looking statements and readers should not place undue reliance on
such statements. Statements speak only as of the date on which they are made, and the Company
undertakes no obligation to update them publicly to reflect new information or the occurrence of future
events or circumstances, unless otherwise required to do so by law.
Additional information identifying risks and uncertainties is contained in filings by the Company with
the Canadian securities regulators, which filings are available at
www.sedar.com
.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/78277