Turmalina Announces Up-Sizing of Financing to $5,000,000 and Closes Book

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VANCOUVER, British Columbia, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX, 3RI-FSE) is pleased to announce that it is increasing the maximum number of units of the Company (the “Units”) in connection with its previously disclosed non-brokered private placement (the “Offering”) to 11,111,111 Units at a price of $0.45 per Unit for aggregate gross proceeds of up to $5,000,000. All other terms of the Offering remain the same.

CEO and Director, Mr. James Rogers, states, “The strong response to this private placement and the upsizing of the financing to the maximum amount allowable to the Company under this exemption is reflective of the strength of the projects and the technical team advancing these assets. We look forward to updating investors as we advance at both San Francisco in San Juan, Argentina and at Chanape in Peru.”

The Company has received commitments totalling the full amount of the anticipated proceeds of the Offering and, subject to receipt of funds from such subscribers, does not anticipate taking further subscriptions. The closing of the Offering remains subject to standard conditions, including acceptance of subscriptions by the Company, approval of the TSX Venture Exchange, and receipt of all funds.

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 is 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. Additionally, the Company will be uploading an amended and restated offering document, which will account for the increase in the size of the Offering and provide additional information to the offering document dated January 31, 2023, which has been previously made available.