Turmalina Announces Non-Brokered Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX, 3RI-FSE) is pleased to announce a non-brokered private placement of up to 10,000,000 units of the Company ("Units") at a price of $0.45 per Unit (the "Offering"), for aggregate gross proceeds of up to $4,500,000.

Each Unit will be comprised of one common share in the capital of the Company (a "Share") and one-half of one Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one additional share (a "Warrant Share") at a price of $0.60 per Warrant Share for a period of 24 months from the closing date of the Offering.

In connection with the Offering, the Company may pay certain finders (each, a “Finder”) a cash commission equal to 7% of the aggregate gross proceeds raised from those purchasers introduced by such Finder and/or issue such Finder such number of non-transferable Share purchase warrants equal to 7% of the total number of Units sold to investors introduced by such Finder, which provide that such Finder may acquire Shares of the Company (each a “Finder’s Warrant Share”) at $0.45 per Finder’s Warrant Share for a period of 24 months from the date of issuance.

The Company intends to use the proceeds raised from the Offering for exploration activities on the Company’s San Francisco and Chanape Projects, and general corporate purposes. The Offering may close in tranches. The Offering is expected to close on or before March 17, 2023. The Offering is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange.

The Offering is being completed pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 Prospectus Exemptions and therefore the securities issued in the Offering will not be subject to a hold period in accordance with applicable Canadian securities laws. There will be an offering document related to the Offering that will be available under the Company's profile at www.sedar.com and at https://turmalinametals.com/. Prospective investors should read this offering document before making an investment decision.