Tumi Resources Limited - Tumi announces private placement, consolidation and appointment of new director
TSXV - TM
Frankfurt - TUY
Pink Sheets - TUMIF
VANCOUVER, Jan. 9, 2013 /CNW/ - Tumi Resources Limited (the "Company") (TSXV: TM) (OTCPK: TUMIF) (Frankfurt: TUY). The Company announces that it proposes to undertake a non-brokered private placement financing of up to 12,500,000 units at $0.05 per unit (the "Units") to raise gross proceeds of $625,000. Directors and Officers of the Company will be participating in the private placement financing. Each Unit will consist of one common share and one common share purchase warrant (the "Warrants"). Each Warrant will entitle holders to purchase one common share of the Company at a price of $0.10 per common share for a period of three years from closing of the private placement financing. The funds raised will be used to fund further work on the Company's projects in Sweden and Mexico, and for general working capital purposes.
The Company also announces that it proposes to consolidate its share capital on a four (old) for one (new) share basis. The Company will seek the approval of its shareholders at a special general meeting to be held on February 21, 2013. The proposed consolidation will be undertaken after closing of the private placement financing.
As at the date hereof, the Company has 50,655,039 common shares issued and outstanding. After giving effect to the issuance of 12,500,000 common shares under the private placement financing and the proposed consolidation, the Company would have approximately 15,788,759 common shares issued and outstanding.
The Company does not intend to change its name upon completion of the proposed consolidation and anticipates that its stock symbol will remain the same.
Management of the Company believes that an amendment to the Company's share structure will be favorable to assist in attracting additional equity investment in the Company and possible property acquisitions.
The private placement and consolidation are subject to receipt of all necessary regulatory approvals, including TSX Venture Exchange approval, as well as shareholder approval with respect to the proposed consolidation.
The Company also announces the appointment of Mr. Scott Emerson as a director of the Company. Mr. Emerson brings to the Company over 26 years of experience in the junior resource capital markets.
On behalf of the Board,
David Henstridge, President & CEO
Forward Looking Statements This Company Press Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the Frankfurt Stock Exchange accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Tumi Resources LimitedFor further information:
Investor Information Contact:
Nick L. Nicolaas at (604) 657-4058
or email: firstname.lastname@example.org