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WASHINGTON, May 2, 2017 /CNW/ - IFC, a member of the World Bank Group, today announced the sale of certain common shares of Tinka Resources Limited (Tinka). On April 27, 2017 IFC sold and disposed of ownership and control over, a total of 2,500,000 common shares of Tinka at an average price of CDN$0.65 per share through the facilities of the TSX Venture Exchange for total gross proceeds of CDN$1,625,000. Subsequently on April 28, 2017, IFC sold and disposed of ownership and control over, a total of 8,083,315 common shares (collectively with the above shares, the Sold Shares) of Tinka at an average price of CDN$0.65 per share through the facilities of the TSX Venture Exchange for total gross proceeds of CDN$5,254,154.75 or $6,879,154.75 aggregate gross proceeds across the two transactions.
The 10,583,315 Sold Shares represented approximately 5.16% of the total issued and outstanding common shares of Tinka assuming 204,807,322 common shares of Tinka are outstanding.
IFC previously held 28,680,232 Common Shares representing approximately 14% of the total issued and outstanding Common Shares or 20.13%, assuming the exercise of its 15,697,674 warrants (IFC Warrants).
Following the above transaction, IFC will hold 18,096,917 Common Shares representing, approximately 8.84% of the outstanding Common Shares (assuming the completion of all subscriptions under the Private Placement), or 15.33% assuming the exercise of the IFC Warrants.
IFC executed these transactions as part of its regular portfolio management. It will maintain its remaining holdings in Tinka for investment purposes and may, in the future, take such actions in respect of its holdings as it deems appropriate in light of the circumstances then existing.
Tinka's head office is located at 1305 – 1090 West Georgia Street, Vancouver, B.C. V6E 3V7. Its shares trade on the TSX Venture Exchange.
IFC, 2121 Pennsylvania Avenue, N.W., Washington, D.C. 20433, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it's needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
SOURCE International Finance Corporation
For further information: A copy of IFC's early warning report required to be filed in connection with the acquisition of common shares of Tinka will appear on Tinka's profile on SEDAR at www.sedar.com and may also be obtained by calling Cecilia Ancona, Securities Law Clerk, Norton Rose Fulbright Canada LLP, at (416) 216-4830.