Turmalina Metals Corp. Announces Closing of $9,775,115 Unit Offering

⦁ Fully-subscribed offering completed with full overallotment option exercised by underwriters

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.

VANCOUVER, British Columbia , Feb. 28, 2020 (GLOBE NEWSWIRE) -- Turmalina Metals Corp. (TSXV:TBX) (“Turmalina Metals Corp.” or the “Company”) is pleased to announce that it has closed its previously announced short form prospectus offering (the “Offering”) and has issued an aggregate of 13,964,450 units (the “Units”), including 1,821,450 Units issued pursuant to the full exercise of the underwriters’ over-allotment option, at a price of $0.70 per Unit for gross proceeds of $9,775,115.

Each Unit was composed of one common share in the capital of the Company (a “Common Share”) and one-half of one common share purchase warrant (each full warrant, a “Warrant”).  Each Warrant entitles the holder to purchase one additional Common Share of the Company at an exercise price of $0.90 per Common Share for a twenty-four month period ending February 28, 2022.  The Company also issued compensation warrants to the underwriters entitling them to purchase additional Common Shares at a price of $0.70 per share for a period of twenty-four months following closing.

The Offering was underwritten by a syndicate of underwriters led by Clarus Securities Inc. and Cormark Securities Inc., as co-lead underwriters, and including Canaccord Genuity Corp. and PI Financial Corp.  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.

Turmalina Metals Chief Executive Officer and Director, Dr. Rohan Wolfe states, "Turmalina thanks investors for the strong demand and participation and we thank our underwriters for their successful execution of this financing. With this fully subscribed financing and the over allotment completely exercised, we have a very strong balance sheet as we embark on our next phase of work on the ground. We look forward to updating the investment community as news flows from progress at the San Francisco project."