NEW YORK, Feb. 3 /CNW/ - Electrum Strategic Metals LLC ("Electrum") announced that it has acquired ownership of 12,500,000 units (the "Units") of TintinaGold Resources Inc. ("Tintina") at a price of CDN$0.40 per Unit for gross cash proceeds to Tintina of CDN$5,000,000.
Each Unit consisted of one common share in the capital of Tintina (collectively, the "Shares") and one common share purchase warrant of Tintina (collectively, the "Warrants") entitling the holder(s) thereof to purchase one additional Share (a "Warrant Share") in the capital of the Tintina at an exercise price of CDN$0.65 per Warrant Share.
Following the completion of Electrum's acquisition noted above, Electrum owns 20,214,286 Shares, representing approximately 24.9% of the issued and outstanding Shares, and 20,327,407 outstanding common share purchase warrants, including the 12,500,000 Warrants, representing approximately 75.2% of Tintina's outstanding common share purchase warrants. Electrum may be considered a joint actor with Cougar Gold LLC ("Cougar") by virtue of an affiliate of Electrum holding a substantial indirect interest in Cougar and the manager of Electrum being a director of Cougar's 100% owner. Following the completion of Electrum's acquisition noted above, Electrum's relationship with Cougar and the holding of the Shares by Cougar, Electrum and a party that may be considered a joint actor with Electrum owns 24,414,286 Shares, representing approximately 30.1% of the issued and outstanding Shares, and Electrum owns 20,327,407 outstanding common share purchase warrants, including the 12,500,000 Warrants, representing approximately 75.2% of Tintina's outstanding common share purchase warrants.
The Units and the Shares issued to Electrum above, and the Shares owned by Cougar referred to above, were acquired from Tintina and were acquired for investment purposes. Electrum and Cougar and/or one or more of their respective affiliates may, depending on market and other conditions, increase or decrease their beneficial ownership of Shares or other securities of the Tintina whether in the open market, by privately negotiated agreement or otherwise.
Electrum Strategic Metals LLC is located at 1370 Avenue of the Americas, 19th Floor, New York, New York 10019.
SOURCE ELECTRUM STRATEGIC METALS LLC