Turmalina Announces Up-Sizing of Financing to $5,000,000 and Closes Book
February 06 2023 - 8:00AM
Turmalina Metals Corp. (“
Turmalina”, or the
“
Company”; TBX-TSXV, TBXXF-OTCQX, 3RI-FSE) is
pleased to announce that it is increasing the maximum number of
units of the Company (the “Units”) in connection with its
previously disclosed non-brokered private placement (the
“Offering”) to 11,111,111 Units at a price of $0.45 per Unit for
aggregate gross proceeds of up to $5,000,000. All other terms of
the Offering remain the same.
CEO and Director, Mr. James Rogers, states, “The
strong response to this private placement and the upsizing of the
financing to the maximum amount allowable to the Company under this
exemption is reflective of the strength of the projects and the
technical team advancing these assets. We look forward to updating
investors as we advance at both San Francisco in San Juan,
Argentina and at Chanape in Peru.”
The Company has received commitments totalling
the full amount of the anticipated proceeds of the Offering and,
subject to receipt of funds from such subscribers, does not
anticipate taking further subscriptions. The closing of the
Offering remains subject to standard conditions, including
acceptance of subscriptions by the Company, approval of the TSX
Venture Exchange, and receipt of all funds.
The Offering is being completed pursuant to the
listed issuer financing exemption under Part 5A of National
Instrument 45-106 Prospectus Exemptions and therefore the
securities issued in the Offering will not be subject to a hold
period in accordance with applicable Canadian securities laws.
There is an offering document related to the Offering that will be
available under the Company’s profile at www.sedar.com and at
https://turmalinametals.com/. Prospective investors should read
this offering document before making an investment decision.
Additionally, the Company will be uploading an amended and restated
offering document, which will account for the increase in the size
of the Offering and provide additional information to the offering
document dated January 31, 2023, which has been previously made
available.
The securities to be issued pursuant to the
Offering have not, nor will they be registered under the United
States Securities Act of 1933, as amended, and may not be offered
or sold within the United States or to, or for the account or
benefit of, U.S. persons in the absence of U.S. registration or an
applicable exemption from the U.S. registration requirements. This
news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in the United States or in any other jurisdiction in
which such offer, solicitation or sale would be unlawful.
On Behalf of the Company,
James Rogers, Chief Executive Officer and Director.
Website: turmalinametals.comAddress: #488 - 1090 West Georgia
St, Vancouver, BC V6E 3V7.
For Investor Relations enquiries, please contact +1 833 923 3334
(toll free) or via info@turmalinametals.com.
Statements
About Turmalina Metals:
Turmalina Metals is a TSXV-listed exploration company focused on
developing our portfolio of high-grade gold-copper-silver projects
in South America. Our focus is on tourmaline breccias, a deposit
style overlooked by many explorers. Turmalina Metals is led by a
team responsible for multiple gold-copper-silver discoveries who
are highly experienced in this deposit style. Our projects are
characterised by open high-grade mineralization on established
mining licenses that present compelling drill targets. The flagship
project held by Turmalina is the San Francisco project in San Juan,
Argentina. For further information on the San Francisco Project,
refer to the technical report entitled “NI43-101 Technical Report
San Francisco Copper Gold Project, San Juan Province, Argentina”
dated November 17, 2019 under the Corporation’s profile at
www.sedar.com.
Forward Looking Statement: This
news release includes certain statements that may be deemed
“forward-looking statements”. All statements in this news release,
other than statements of historical facts, that address events or
developments that the Company expects to occur, are forward-looking
statements. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by
the words “expects”, “plans”, “anticipates”, “believes”, “intends”,
“estimates”, “projects”, “potential” and similar expressions, or
that events or conditions “will”, “would”, “may”, “could” or
“should” occur. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in the forward-looking statements. Factors that could cause
the actual results to differ materially from those in
forward-looking statements include market prices, continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Forward-looking statements are
based on the beliefs, estimates and opinions of the Company’s
management on the date the statements are made. Except as required
by applicable securities laws, the Company undertakes no obligation
to update these forward-looking statements in the event that
management’s beliefs, estimates or opinions, or other factors,
should change.
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 or has in any way approved
or disapproved of the contents of this press release.
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