Make Kitco Your Homepage

Tinka Resources closes C$18.5 million private placement

Kitco News

Editor's Note: 2020 is expected to be another year of significant uncertainty and turmoil. But the question is what asset will emerge the victor when the dust settles from the global trade war, Brexit, recession threats, negative bond yields. It's a showdown of global proportions, so don't miss all our exclusive coverage on how these factors could impact your 2020 investment decisions.

(Kitco News) - Peru-focused Tinka Resources (CVE:TK) said today it closed its financing announced last month.

The company issued 65,843,620 common shares to Compañia de Minas Buenaventura SAA at C$0.243 per common share for gross proceeds of C$16 million. Buenaventura has become a new insider of Tinka holding approximately 19.3% of the outstanding common shares of the company on a non-diluted basis.

Sentient Global Resources Fund exercised additional rights resulting in an additional $2.5 million.

Funds will be used for the development of the company’s Ayawilca Project, located in a zinc-lead-silver belt in central Peru.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.