Tinone Announces Closing of First Tranche of Private Placement Financing of Convertible Debt Units FOR Gross Proceeds of $611,000
TINONE ANNOUNCES CLOSING OF FIRST
TRANCHE OF PRIVATE PLACEMENT
FINANCING OF CONVERTIBLE DEBT UNITS
FOR GROSS PROCEEDS OF $611,000
TSX.V: TORC OTCQB: TORCF
/NOT FOR DISSEMINATION IN OR INTO
THE UNITED STATES
OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES./
VANCOUVER, BC
,
May 16, 2024
/CNW/ -
TinOne Resources Inc.
(TSXV: TORC) (OTCQB:
TORCF) (
Frankfurt
: 57Z0) ("
TinOne
" or the "
Company
") is pleased to announce that it has closed
the first tranche of the non-brokered, arm's length, private placement financing, previously
announced on
April 22
nd
and
April 25
th
, issuing 611 units of the Company (the "
Units
") at a price of
C$1,000
per Unit for gross proceeds of
C$611,000
(the "
Financing
").
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
$0.11
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 the 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.
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.
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 release, the words "anticipate",
"believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and
similar words or expressions, 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 value and capital markets profile of TinOne, future growth potential
for TinOne and its business, and future exploration plans are based 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 metals; 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 number of other assumptions and estimates that, while considered
reasonable by management, are inherently subject to significant business, 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 sufficient 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.
SOURCE
TinOne Resources Corp.
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For further information:
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:
CO: TinOne Resources Corp.
CNW 15:30e 16-MAY-24