Files Final Prospectus and Obtains Conditional Approval for Listing on the TSX-V
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VANCOUVER, Nov. 14, 2019 /CNW/ - Tectonic Metals Inc. (TECT: TSX-V) (the "Company" or "Tectonic") today announced that the Company filed and obtained a receipt for its non-offering prospectus with the British Columbia Securities Commission. Tectonic also announced that it received conditional approval to list the Company's shares on the TSX Venture Exchange, and the common shares are expected to begin trading on the TSX-V at the opening of the market on or about Monday, November 18, 2019, under the ticker symbol "TECT".
Tectonic's President & CEO, Tony Reda, commented, "The Tectonic team is ecstatic to achieve this milestone. Our recent go-public financing allowed us to advance exploration activities at our three properties, and through our direct listing, we are entering into the public markets in an efficient manner that preserves value for our shareholders. We would also like to acknowledge and thank our shareholders for their ongoing support and trust in our ability to execute. Our transition from a privately held company to a publicly-traded company on the TSX-V represents the next chapter of our growth, and we are excited about the opportunities ahead of us."
In connection with the Company's direct listing on the TSX-V, the Company raised C$5,817,696 through the private placement of 16,621,988 special warrants. On Tuesday, November 11, 2019, the special warrants were automatically exercised, and holders of the special warrants were issued one common share of the Company, and one common share purchase warrant (each, a "Warrant") for each special warrant held. Each Warrant entitles the holder thereof to acquire one common share in the capital of the Company at an exercise price of C$0.50 per Warrant share for a period of 24 months following the date of issuance, subject to adjustment in certain events.
The Company completed exploration programs on the Tibbs, Northway and Seventymile Projects in Alaska during the 2019 field season, and a corporate update will be provided once the results are evaluated.
Investor Relations Required Information
Tectonic currently employs one individual and retains one company, who provide investor relations services to the Company. On October 29, 2018, Tectonic entered into an employment agreement with Poya Ezadpana pursuant to which Mr. Ezadpana provides investor relation services to Tectonic, including the development and execution of the Company's corporate communications and investor relations strategy, until such employment is ended. Mr. Ezadpana has worked in various business development and investor relationship roles for a variety of entities over the past eight years. Mr. Ezadpana is paid an annual salary of C$115,000 per year in semi-monthly instalments. Mr. Ezadpana currently holds 225,000 Restricted Shares and is entitled to receive Options under the Company's Stock Option Plan, in accordance with its terms and at the discretion of the Board. On July 9, 2019, the Company engaged Renmark Financial Communications Inc. ("Renmark"), an investor relations company with strong, ongoing, long-term relationships within the North American financial community, to assist with initial investor relations activities, including general investor reach out, roadshow management and the preparation and distribution of corporate information, prior to and post-Listing. Tectonic is paying Renmark C$7,000 per month until Renmark's engagement is otherwise terminated by the Company or Renmark. Renmark does not have any interest, either directly or indirectly, in Tectonic or its securities, or any right or intent to acquire such an interest.
Tectonic Metals Inc. is a mineral exploration company created and operated by an experienced and well-respected technical and financial team with a track record of wealth creation for shareholders. Key members of the Tectonic team were involved with Kaminak Gold Corporation, the company that raised C$165 million to fund the acquisition, discovery and advancement of the Coffee Gold Project in the Yukon Territory through to the completion of a bankable feasibility study before selling the multi-million ounce gold project to Goldcorp Inc. (now Newmont Goldcorp) for C$520 million in 2016.
Tectonic is focused on the acquisition, exploration, discovery and development of mineral resources from district-scale projects in politically stable jurisdictions that have the potential to host world-class orebodies.
Tectonic believes that responsible mineral exploration and development can positively impact the communities in which the company lives and operates and is committed to early and ongoing community engagement, best practices in environmental stewardship and the development of a strong safety culture. Whether at home or at work, the Tectonic team is grounded on the following core values: passion, integrity, patience, focus, perseverance, honesty, fairness, accountability, respect and a play big mindset. The company works for its shareholders and is committed to creating value for them.
This news release does not constitute an offer to sell, solicitation or offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
Certain information in this news release constitutes forward-looking information and statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend" and similar expressions and include, but are not limited to, statements with respect to: the date on which the Tectonic shares will trade on the TSX-V and future operations. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental and other approvals and financing on time, obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Tectonic, and there is no assurance they will prove to be correct.
Although Tectonic considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements necessarily involve known and unknown risks, including, without limitation: the Company's ability to implement its business strategies; risks associated with mineral exploration and production; risks associated with general economic conditions; adverse industry events; marketing and transportation costs; loss of markets; volatility of commodity prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; competition; currency and interest rate fluctuations; and other risks.
Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Although Tectonic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Tectonic does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
[Neither the TSX Venture Exchange nor it's Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.]