Tinka Resources announced C$16 million financing
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(Kitco News) - Peru-focused Tinka Resources (CVE:TK) said today that Compañia de Minas Buenaventura SAA has agreed to a financing, a subscription of 65,843,620 common shares at a price of C$0.243 per Common Share for gross proceeds to Tinka of C$16 million.
Funds will be used for the development of the company’s Ayawilca Project, located in the zinc-lead-silver belt of central Peru.
President and CEO of Tinka, Dr. Graham Carman, noted that the financing was above the company's trading price.
“We are thrilled to welcome Buenaventura as a strategic investor in Tinka and to have them join our share register, which includes long-term supportive shareholders such as Sentient. The investment by Buenaventura, which is at a significant premium to market price, is a strong endorsement of the Ayawilca project and our management team. Buenaventura is a large and well respected Peruvian mining company that has extensive experience in developing, building, and operating mining projects in Peru.”