Tinone Announces Closing of Final Tranche of Private Placement Financing of Convertible Debt Units FOR Gross Proceeds of $750,000
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TSX.V: TORC OTCQB: TORCF
FOR IMMEDIATE RELEASE JUNE 11, 2024
NOT FOR DISSEMINATION IN OR INTO THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES.
TINONE ANNOUNCES CLOSING OF FINAL TRANCHE OF PRIVATE PLACEMENT FINANCING OF
CONVERTIBLE DEBT UNITS FOR GROSS PROCEEDS OF $750,000
Vancouver, British Columbia (June 11, 2024) – TinOne Resources Inc. (TSX.V: TORC) (OTCQB: TORCF)
(Frankfurt: 57Z0) (“TinOne” or the “Company”) is pleased to announce that it has closed the final tranche
of the non-brokered private placement financing, previously announced on April 22nd , April 25th, and May
16th issuing an additional 139 units of the Company (the “Units”) at a price of C$1,000 per Unit for gross
proceeds of C$139,000 (the “Financing”). The total gross proceeds raised for the Financing was C$750,000
issuing 750 Units in total.
Each Unit shall consist of one 10% unsecured convertible debenture of the Company (a "Debenture") in
the principal amount of $1,000, and 6,896 common share purchase warrants of the Company (each a
"Warrant").
The Debentures will bear interest at a rate of 10% per annum from the issuance date (the "Issuance
Date"). The interest obligation may be satisfied either in cash or in common shares of the Company (the
"Common Shares"), at the Company's option. The Debentures will mature on the date that is 36 months
following the Issuance Date (the "Maturity Date") and the principal amount of each Debenture will be
convertible into Common Shares at the option of the holder at any time prior to the Maturity Date, at a
conversion price of $0.145 per share (the "Conversion Price"), subject to adjustment upon certain
customary events. Each Warrant will entitle the holder thereof to acquire one Common Share for a period
of three years from the Issuance Date (the "Expiry Date") at an exercise price equal to $0.16 per Common
Share.
The proceeds of the Financing will be used for exploration drilling, working capital, and general corporate
purposes.
A total of C$10,860 cash was paid for finders fees. Closing of the Financing are subject to all necessary
regulatory and stock exchange approvals, including the approval of t he TSX Venture Exchange. All
securities issued in connection with the Financing will be subject to a statutory hold period expiring on
the date that is four months and one day after the corresponding Issuance Date.
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About TinOne
TinOne is a TSX Venture Exchange listed Canadian public company with a high-quality portfolio of tin,
tin/tungsten and lithium projects in the Tier 1 mining jurisdictions of Tasmania and New South Wales,
Australia. The Company controls some of the most important tin districts in Tasmania, including Aberfoyle,
Rattler Range, Mount Maurice and Great Pyramid. TinOne is supported by Inventa Capital Corp.
Contact Information: For more information and to sign-up to the mailing list, please contact:
Chris Donaldson, Chief Executive Officer
Tel: (604) 813-3931
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release includes certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act
of 1995 and “forward-looking information” under applicable Canadian securities laws. When used in this news rel ease, the words “anticipate”,
“believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “would”, “could”, “schedule” and similar words or expre ssions, identify
forward-looking statements or information. These forward-looking statements or information relate to, among other things: the development of
the Company’s projects; future mineral exploration, development and production; and the release of a technical report detailing the MRE.
Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced val ue and capital
markets profile of TinOne, future growth potential for TinOne and its business, and future exploration plans are bas ed on management’s
reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends,
current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances,
but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of gold and other me tals; no
escalation in the severity of public health crises; costs of exploration and development; the estimated costs of development of exploration projects;
TinOne’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect TinOne’s respective current views with respect to future events and are necessarily based upon a num ber of other
assumptions and estimates that, while considered reasonable by management, are inherently subject to significant busin ess, economic,
competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance
or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-
looking statements or forward-looking information and TinOne has made assumptions and estimates based on or related to many of these factors.
Such factors include, without limitation: the Company's dependence on early stage mineral projects; metal price volatility; risks associated with
the conduct of the Company's mining activities in Australia; regulatory, consent or permitting delays; risks relating to reliance on the Company's
management team and outside contractors; risks regarding mineral resources and reserves; the Company's inability to obtain insurance to cover
all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate suffi cient cash flow from
operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of
reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title
to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the
Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises
to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or
unavailability; the Company's interactions with surrounding communities and artisanal miners; the Company's ability to successfully integrate
acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock
market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; ongoing
military conflicts around the world; and the factors identified under the caption “Risk Factors” in TinOne's management discussion and analysis.
Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although TinOne has
attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be
anticipated, estimated or intended. TinOne does not intend, and does not assume any obligation, to update these forward-looking statements or
forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or
information, other than as required by applicable law.