Electrum Global Holdings L.P. Acquires Common Shares in the Capital of Tintina Resources Inc.
/EINPresswire.com/ -- This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
NEW YORK, NEW YORK--(Marketwired - Oct 19, 2016) - Electrum Global Holdings L.P. (the "Offeror") announces that it participated in the rights offering of Tintina Resources Inc. (the "issuer") which closed on October 18, 2016 (the "Closing") pursuant to which the Offeror acquired 19,511,635 common shares in the capital of the issuer (the "Common Shares") at a price of CAD$0.06 per Common Share or CAD$1,170,698.10 in the aggregate.
As a result of the Closing, the Offeror holds 45,971,163 Common Shares and, together with its affiliate Electrum Strategic Metals II LLC, 54,632,580 Common Shares, representing 16.9% of the issued and outstanding Common Shares. This represents an increase from the 35,120,945 Common Shares representing 15.8% of the issued and outstanding Common Shares held by the Offeror and its affiliate prior to the Closing, and a percentage decrease from the 24.7% that such Common Shares represented at the time of the Offeror's previous report dated December 31, 2012.
The Common Shares referred to above were acquired for investment purposes and the Offeror and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Common Shares or other securities of the issuer whether in the open market, by privately negotiated agreement or otherwise.
The Offeror is an "accredited investor" (as such term is defined in National Instrument 45-106 - Prospectus Exemptions adopted by the Canadian Securities Administrators ("NI 45-106")) because the Offeror is a "person" (as such term is defined in NI 45-106) in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are "accredited investors".
The issuer's mailing address is located at P.O. Box 48736 Bentall, Vancouver, British Columbia V7X 1A6. The Offeror is located at 700 Madison Avenue, 5th Floor, New York, NY 10065, USA. A copy of the early warning report to which this news release relates can be obtained from Michael Williams (646-365-1600) or on the SEDAR profile of the issuer at www.sedar.com.