Sandfire is an ASX listed company based in
"We are pleased to welcome Sandfire to our roster of high quality institutional shareholders. Sandfire is one of the most exciting emerging mid-tier copper producing companies in the world. Their investment into Tintina demonstrates that they clearly recognize the quality of the asset and the level of investment necessary to advance the Black Butte project through feasibility and permitting. With their development and operating experience in bringing the highly successful DeGrussa mine into production, we believe they will add to the success of our development team already in place in
The units will be comprised of 80 million common shares and the following warrants to purchase additional common shares: 20 million Class A warrants exercisable at
If all of the warrants are exercised, the aggregate proceeds from the transaction will be approximately
The warrants are subject to early expiry, if, over twenty consecutive trading days in the last three months prior to the natural expiry date of each class of warrants, the Volume Weighted Average Price of Tintina's shares on the TSX-V is at least 120% of the exercise price and Sandfire does not exercise the relevant class of warrants in full. Early expiry of any class of warrants causes all subsequent warrants to also expire.
The transaction is subject to the approval of the TSX-V and will require shareholder approval of Sandfire as a new "control person". Tintina's existing strategic shareholders,
Following the closing of the transaction, the Company will have cash on hand of
As part of the transaction, Tintina will grant Sandfire the right to nominate the President and Chief Executive Officer and two members of the Tintina Board. At closing, Mr.
VP of Exploration Jerry Zieg states, "This investment by Sandfire is a very welcome development for our community and statewide in
It is also expected that directors Mr.
Keywords for this news article include: Manufacturing, Production.
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