Tinone Closes First Tranche of Private Placement Financing
TINONE CLOSES FIRST TRANCHE OF
PRIVATE PLACEMENT FINANCING
TSX.V: TORC OTCQB: TORCF
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
./
VANCOUVER, BC
,
June 2, 2023
/CNW/ -
TinOne Resources Inc.
(TSXV: TORC) (OTCQB:
TORCF) ("
TinOne
" or the "
Company
") is pleased to announce that it has closed the first tranche of
the non-brokered private placement financing, previously announced on
May 18, 2023
, raising gross
proceeds of
C$296,420
. A total of 2,470,166 units of the Company (the "
Units
") were issued at a
price of
C$0.12
per Unit (the "
Financing
").
Each Unit is comprised of one common share of the Company and one-half of one common share
purchase warrant (each whole common share purchase warrant, a "
Warrant
") of the Company.
Each Warrant will entitle the holder to purchase one common share of the Company at an exercise
price of
C$0.25
and will expire on
June 2, 2025
.
The Company paid cash finder's fees equal to
$4,561
and issued 38,010 finders warrants of the
Company, to acquire that number of common shares in the capital of the Company at
$0.25
per
share and they will expire on
June 2, 2025
.
The Company will continue to raise additional funds up to
C$1,000,000
as outlined in the Company's
May 18
th
, 2023 news release for up to a total of 8,333,333 units. The Company notes that the
May
18
th
news release stated the incorrect number of units, 7,692,308 units, but stated correct gross
proceeds of
C$1,000,000
.
The Financing is subject to the receipt of all necessary approvals, including the approval of the TSX
Venture Exchange and necessary regulatory approvals. All securities issued in connection with the
Financing will be subject to a statutory hold period of four months plus a day from closing, expiring
October 3, 2023
.
Proceeds from the Financing will be used for exploration and working capital purposes.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities
in
the United States
, nor shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they
be, registered under the United States Securities Act of 1933, as amended (the "1933 Act") or under
any U.S. state securities laws, and may not be offered or sold in
the United States
absent
registration or an applicable exemption from the registration requirements of the 1933 Act, as
amended, and applicable state securities laws.
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 and Great Pyramid and is focused on advancing its highly
prospective portfolio. 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 exploration
results; completion of additional tranches; the use of proceeds raised from the Financing; and
receipt of regulatory approvals.
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 the COVID-19 pandemic; 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 COVID-19; the economic and financial
implications of COVID-19 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; 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:
and to sign-up to the mailing list, please contact: Chris Donaldson,
Executive Chairman, Tel: (604) 813-3931, Email: [email protected]
CO: TinOne Resources Corp.
CNW 15:00e 02-JUN-23