VANCOUVER, Nov. 18, 2015 /CNW/ - Tintina Resources Inc. ("Tintina" or the "Company") (TSX.V:"TAU"; OTCQX: "TINTF") reports that Sandfire Resources NL ("Sandfire") announced today that Sandfire has agreed to purchase, through its wholly-owned subsidiary Sandfire BC Holdings Inc. 47,244,095 common shares of Tintina from Quantum Partners LP, a current significant shareholder of Tintina, at a price per share of $0.0831, representing a premium of 38.5% based on today's closing market price. The shares to be purchased represent 21.2% of the currently outstanding Tintina common shares.
Upon completion of the purchase of the shares, Tintina understands that Sandfire will beneficially own and control 127,244,095 common shares (57.2% of the issued and outstanding common shares) and warrants to purchase an additional 80,000,000 common shares, which warrants, if exercised, represent an additional approximately 26.4% of Tintina's then issued and outstanding common shares on a partially diluted basis. If such warrants were exercised in full, Sandfire would have beneficial ownership and control over 68.5% (207,244,095) of Tintina's then issued and outstanding common shares calculated on a partially diluted basis and based on the currently outstanding Tintina common shares.
Tintina is pleased that Sandfire continues to support the advancement of its flagship Black Butte Copper Project. Sandfire has proven, through its development and operation of the Degrussa Copper-Gold Mine, that it is a progressive operator utilizing best practice mining techniques and becoming a world-leading reference site for the use of renewable energy in the mining industry following the construction of a 10.6MW solar power station which will be fully operational in 2016.
It is understood that Mr. Mark Pinho will step down from the Board of Directors in conjunction with the closing of the share sale.
Bruce Hooper, President & CEO, stated, "We thank Quantum Partners and Mark Pinho for their support in developing the Black Butte Copper Project to where it is today and wish them well in their future endeavors. Sandfire's agreement to increase its ownership in Tintina demonstrates Sandfire's continuing interest in the development of the Black Butte Copper Project."
ABOUT TINTINA RESOURCES INC.
Tintina Resources Inc. is a growth company focused on the exploration, development, and mining of its 100% owned flagship property, the Black Butte Copper Project in central Montana, USA. The Company is led by a highly experienced executive management team that has a successful track record of building shareholder value through exploration, corporate finance, and mine development.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Tintina Resources Inc.
For further information: Tintina Resources Inc., Mr. Bruce Hooper, President and Chief Executive Officer, (604) 628-1162, Email: [email protected]