Tectonic Metals Announces Upsize of Non- Brokered Private Placement
Tectonic Metals Announces Upsize of Non-
Brokered Private Placement
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWS WIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
VANCOUVER, BC
,
June 15, 2021
/CNW/ -
Tectonic Metals Inc.
(TSXV: TECT) (OTCQB: TETOF)
(FSE: T15B) (the "Company" or "Tectonic") is pleased to announce that, due to strong investor
demand for its non-brokered private placement previously announced on
May 10, 2021
, the
Company has agreed to increase the size of the offering by up to 40,000,000 units of the Company
("Units"), for aggregate gross proceeds of up to
C$7,500,000
(the "Offering"). Under the
Offering, up to 75,000,000 Units may be issued at a price of
C$0.10
per Unit in the manner
previously disclosed.
The Offering
Each unit is comprised of one common share of Tectonic and one-half common share purchase
warrant (each whole warrant, a "Warrant"). Each whole Warrant will be exercisable for a common
share at an exercise price of
C$0.17
and will expire two years from the closing date of the private
placement.
The Warrants are subject to an acceleration clause whereby if the volume-weighted average trading
price of Tectonic's common shares on the TSX Venture Exchange (the "TSXV") is
C$0.30
or greater
for a period of twenty (20) consecutive trading days (whether or not trading occurs on all such
days), Tectonic has the right to accelerate the expiry date of the Warrants to 30 days from the date
of issuance of a news release by Tectonic announcing the accelerated exercise period.
The net proceeds of the Offering will be used to advance the Company's Tibbs and Seventymile
properties and for general working capital.
The Offering is expected to close in mid-June. Closing is subject to the conditional acceptance of the
TSXV, and all securities issuable under the Offering will be subject to a four-month hold period from
the date of closing.
About Tectonic
Tectonic Metals Inc. is a mineral exploration company created and operated by an experienced and
well-respected technical and financial team with a track record of wealth creation for shareholders.
Key members of the Tectonic team were involved with Kaminak Gold Corporation, the company that
raised
C$165 million
to fund the acquisition, discovery and advancement of the Coffee Gold Project
in the
Yukon Territory
through to the completion of a bankable feasibility study before selling the
multi-million-ounce gold project to Goldcorp Inc. (now Newmont Goldcorp) for
C$520 million
in 2016.
Tectonic is focused on the acquisition, exploration, discovery and development of mineral resources
from district-scale projects in politically stable jurisdictions that have the potential to host world-class
orebodies.
Tectonic believes that responsible mineral exploration and development can positively impact the
communities in which the company lives and operates and is committed to early and ongoing
community engagement, best practices in environmental stewardship and the development of a
strong safety culture. Whether at home or at work, the Tectonic team is grounded on the following
core values: passion, integrity, patience, focus, perseverance, honesty, fairness, accountability,
respect and a play big mindset. The company works for its shareholders and is committed to
creating value for them.
On behalf of Tectonic Metals Inc.,
Tony Reda
President and Chief Executive Officer
For further information about Tectonic Metals Inc. or this news release, please visit our website at
www.tectonicmetals.com
or contact
Bill Stormont
, Investor Relations, at toll-free 1.888.685.8558 or
by email at
.
Facebook:
https://www.facebook.com/TectonicMetals/
Twitter:
https://twitter.com/TectonicMetals
Instagram:
https://www.instagram.com/tectonicmetals/
LinkedIn:
https://www.linkedin.com/company/tectonic-metals
Cautionary Note Regarding Forward-Looking Statements and Historical Information
Certain information in this news release constitutes forward-looking information and statements
under applicable securities law. Any statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking statements. Forward-looking
statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend"
and similar expressions and include, but are not limited to, the amount of funds to be raised in the
Offering, and the use of proceeds of the Offering. Forward-looking information is not a guarantee
of future performance and is based upon a number of estimates and assumptions of management
at the date the statements are made. Many assumptions are based on factors and events that are
not within the control of Tectonic, and there is no assurance they will prove to be correct.
Although Tectonic considers these beliefs and assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect, and the forward-looking statements in this
release are subject to numerous risks, uncertainties and other factors that may cause future results
to differ materially from those expressed or implied in such forward-looking statements. Forward-
looking statements necessarily involve known and unknown risks, including, without limitation: the
Company's ability to secure subscription proceeds from certain investors under the Offering,
implement its business strategies; risks associated with mineral exploration and production; risks
associated with general economic conditions; adverse industry events; adverse global events such
as the COVID — 19 pandemic; market volatility; volatility of commodity prices; inability to access
sufficient capital on acceptable terms; industry and government regulation; changes in legislation,
income tax and regulatory matters; competition; currency and interest rate fluctuations; and other
risks. Accordingly, readers should not place undue reliance on forward-looking information.
Tectonic does not undertake to update any forward-looking information, except in accordance with
applicable securities laws.
Readers are further cautioned not to place undue reliance on forward-looking statements as there
can be no assurance that the plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this news release are expressly qualified by
this cautionary statement. Although Tectonic has attempted to identify important factors that could
cause actual results to differ materially from those contained in forward-looking information, there
may be other factors that cause results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. Tectonic does not undertake to update any
forward-looking information, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
SOURCE
Tectonic Metals Inc.
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CNW 18:54e 15-JUN-21