Turmalina Metals Corp. Announces Proposed Overnight Marketed Financing
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
TORONTO, Feb. 13, 2020 (GLOBE NEWSWIRE) -- Turmalina Metals Corp. (TSXV:TBX) (“Turmalina Metals Corp.” or the “Company”) has today entered into an agreement with Clarus Securities Inc. and Cormark
Securities Inc. (the “Co-Lead Underwriters”) pursuant to which the Company has launched a proposed overnight marketed offering (the “Offering”) of units (“Units”). Each Unit will consist of
one common share (a “Common Share”) and one-half Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share for 24
months from the date of Closing. Closing of the Offering is expected on or about February 27, 2020 and is subject to regulatory approval including that of the TSX Venture Exchange.
The Underwriters will have an option to purchase additional Units on the same terms of the Offering for aggregate proceeds representing 15% of the Offering, for market stabilization purposes and to cover over-allotments, exercisable within 30 days of the date of closing of the Offering.
The number, pricing and terms of securities will be determined in the course of marketing and there can be no assurance as to whether or when the Offering will be completed, or as to the actual size or terms of the Offering.
The Offering will be conducted in the provinces of British Columbia, Alberta, Manitoba and Ontario by short form prospectus, and in such other provinces and territories of Canada which are agreed to by the Company and the Underwriters.
The proceeds raised from the sale of Units under the Offering will be used by the Company for exploration and development of the San Francisco Project, project assessment and evaluation, general corporate and administrative costs and working capital purposes.
The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.