/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, June 15, 2021 /CNW/ - Tectonic Metals
Inc. (TSXV: TECT) (OTCQB: TETOF) (FSE: T15B) (the
"Company" or "Tectonic") is pleased to announce that, due to strong
investor demand for its non-brokered private placement previously
announced on May 10, 2021, the
Company has agreed to increase the size of the offering by up to
40,000,000 units of the Company ("Units"), for aggregate
gross proceeds of up to C$7,500,000
(the "Offering"). Under the Offering, up to 75,000,000 Units
may be issued at a price of C$0.10
per Unit in the manner previously disclosed.
The Offering
Each unit is comprised of one common
share of Tectonic and one-half common share purchase warrant (each
whole warrant, a "Warrant"). Each whole Warrant will be exercisable
for a common share at an exercise price of C$0.17 and will expire two years from the closing
date of the private placement.
The Warrants are subject to an acceleration clause whereby if
the volume-weighted average trading price of Tectonic's common
shares on the TSX Venture Exchange (the "TSXV") is C$0.30 or greater for a period of twenty (20)
consecutive trading days (whether or not trading occurs on all such
days), Tectonic has the right to accelerate the expiry date of the
Warrants to 30 days from the date of issuance of a news release by
Tectonic announcing the accelerated exercise period.
The net proceeds of the Offering will be used to advance the
Company's Tibbs and Seventymile properties and for general working
capital.
The Offering is expected to close in mid-June. Closing is
subject to the conditional acceptance of the TSXV, and all
securities issuable under the Offering will be subject to a
four-month hold period from the date of closing.
About Tectonic
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.
On behalf of Tectonic Metals Inc.,
Tony Reda
President
and Chief Executive Officer
For further information about Tectonic Metals Inc. or this news
release, please visit our website at www.tectonicmetals.com or
contact Bill Stormont, Investor
Relations, at toll-free 1.888.685.8558 or by email at
info@tectonicmetals.com.
Facebook: https://www.facebook.com/TectonicMetals/
Twitter: https://twitter.com/TectonicMetals
Instagram:
https://www.instagram.com/tectonicmetals/
LinkedIn:
https://www.linkedin.com/company/tectonic-metals
Cautionary Note Regarding Forward-Looking Statements and
Historical Information
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, the amount of funds to be raised in the Offering, and
the use of proceeds of the Offering. 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. 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
secure subscription proceeds from certain investors under the
Offering, implement its business strategies; risks associated with
mineral exploration and production; risks associated with general
economic conditions; adverse industry events; adverse global events
such as the COVID — 19 pandemic; market volatility; volatility of
commodity prices; inability to access sufficient capital on
acceptable terms; industry and government regulation; changes in
legislation, income tax and regulatory matters; competition;
currency and interest rate fluctuations; and other risks.
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.
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 its 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.
SOURCE Tectonic Metals Inc.
