TriMetals Mining Inc. Closes Final Tranche of its Non-Brokered Private Placement, raising an aggregate of $1,654,250
March 05 2018 - 5:00AM
TriMetals Mining Inc. (TSX:TMI) (the
“
Company” or “
TMI”) is pleased to
announce the closing on March 2, 2018 of the second and final
tranche of its non-brokered private placement (the “
Private
Placement”), raising gross proceeds of $442,500 from the
sale of 2,950,000 units (the “
Units”) priced at
$0.15 per Unit. In aggregate, the Company sold 11,028,333
Units and raised $1,654,250 pursuant to the Private
Placement.
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 is 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 market
response to our financing, and are glad to make additional room to
accommodate current and new shareholder demand.”
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 near-surface, oxide, heap-leachable Gold Springs
gold project in mining friendly Utah and Nevada USA, and the
Escalones copper-gold skarn/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 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.