TriMetals Mining Inc. Closes $1,211,750 First Tranche of its Non-Brokered Private Placement
February 26 2018 - 5:00AM
Not for distribution to U.S. news wire services or
dissemination in the United States.
TriMetals Mining Inc. (TSX:TMI), (“TriMetals”,
“TMI”, or the “Company”), is pleased to announce that it has issued
8,078,333 units of the Company (the “
Units”) at a
price of $0.15 per Unit to raise gross proceeds of $1,211,750. Each
Unit consists of one common share of the Company and one-half of
one common share purchase warrant of the Company (each whole common
share purchase warrant, a “
Warrant”). Each Warrant
will be exercisable by the holder to acquire one additional common
share of the Company at a price of $0.25 for a period of 24 months,
subject to accelerated expiry if, at any time after four months and
one day following closing, the closing price of the Company’s
common shares on the Toronto Stock Exchange (the
“
TSX”) is $0.35 or above per common share for a
period of 10 consecutive trading days.
The net proceeds from the Private Placement will
be used for exploration of the Company’s Gold Springs project in
Nevada, working capital and general corporate purposes.
Eric Edwards, the Company’s President and Chief
Executive Officer commented, “We are pleased with the show of
support that we have found in this difficult financing market for
our gold prospects, our team, and our diversified asset base.
We are able to welcome a substantial number of new Canadian
investors to TMI who participated in this offering, along with good
support from our existing shareholders who continue to believe in
the gold discovery opportunity at Gold Springs.”
Mr. Edwards further commented, “We are
continuing to receive additional subscriptions, and we are planning
for a second tranche closing soon. This financing will
provide the Company funding to commit to a substantial 2018
exploration program at Gold Springs, and explore strategic options
to realize value from Escalones copper project.”
Robert van Doorn, Chairman and a director of the
Company, subscribed for 1,000,000 Units and Mr. Edwards subscribed
for 200,000 Units.
The securities offered have not been, and will
not be, registered under the United States Securities Act of 1933,
as amended (the “U.S Securities Act”), or any U.S. state securities
laws, and may not be offered or sold in the United States or to, or
for the account or benefit of, United States persons absent
registration or any applicable exemption from the registration
requirements of the U.S. Securities Act and applicable U.S. state
securities laws. This press release does not constitute an offer to
sell or the solicitation of an offer to buy securities in the
United States, nor in any other jurisdiction.
About TriMetals Mining Inc.TriMetals Mining
Inc. is a growth focused mineral exploration company creating value
through the exploration and development of the prospective Gold
Springs gold-silver project in Utah and Nevada USA, and the
Escalones copper-gold porphyry deposit in Chile. The Company
combines a track record of discovery and advancement of large
projects, mining and exploration supportive jurisdictions, low
political risk areas, key operational and process expertise, and a
focus on community relations and sustainable development.
Management has extensive experience in the global exploration and
mining industry.
The Company’s common shares and Class B shares are listed on the
Toronto Stock Exchange under the symbols “TMI” and “TMI.B” and the
common shares and Class B(1) shares also trade on the OTCQX market
under the symbol “TMIAF” and “TMIBF”. Additional information
related to TriMetals Mining Inc. is available at
www.TriMetalsmining.com and on SEDAR at www.sedar.com.
- Note that the Class B shares have no interest in the properties
or assets of the Company other than a collective entitlement to 85%
of the net cash, if any, (after deducting all costs, taxes and
expenses and the third-party funder’s portion thereof) received by
TMI from award or settlement in relation to the Company’s
subsidiary South American Silver Limited’s arbitration proceeding
against Bolivia for the expropriation of the Malku Khota project in
2012 (the “Bolivia Arbitration”).
TriMetals Mining Inc. Contact:
Eric Edwards President & CEO
eedwards@trimetalsmining.com
Forward Looking
StatementsCertain statements contained herein, including
the closing of a second tranche of the Private Placement and the
Private Placement providing the ability to commit to a substantial
2018 exploration program at Gold Springs and explore strategic
options to realize value from Escalones copper project, constitute
“forward-looking statements”. Forward-looking statements look into
the future and provide an opinion as to the effect of certain
events and trends on the business. Forward-looking statements may
include words such as “expect”, “plan”, “seek”, “continue”,
“typical”, “will”, “intention”, “creating”, and similar
expressions. These forward- looking statements are based on current
expectations and entail various risks and uncertainties. Actual
results may materially differ from expectations, if known and
unknown risks or uncertainties affect our business, or if our
estimates or assumptions prove inaccurate. Factors that could cause
results or events to differ materially from current expectations
expressed or implied by the forward-looking statements, include,
but are not limited to, risks of the mineral exploration industry
which may affect the advancement of the Gold Springs project,
including possible variations in mineral resources or grade,
recovery rates, metal prices, availability of sufficient financing
to fund further required work in a timely manner and on acceptable
terms, availability of equipment and qualified personnel, failure
of equipment or processes to operate as anticipated, changes in
project parameters as plans continue to be refined; and other risks
more fully described in the Company's Annual Information Form filed
and publicly available on SEDAR at www.sedar.com. The assumptions
made in developing the forward-looking statements include: the
accuracy of current resource estimates and the interpretation of
drill, metallurgical testing and other exploration results; the
continuing support for mining by local governments in Nevada, Utah
and Chile, the availability of equipment and qualified personnel to
advance the Gold Springs project; and the execution of the
Company's existing plans and further exploration and development
programs for the Gold Springs Project, which may change due to
changes in the views of the Company or if new information arises
which makes it prudent to change such plans or programs.
Readers are cautioned not to place undue
reliance on the forward-looking statements contained in this news
release. Except as required by law, the Company assumes no
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or any other
reason.