WEST PERTH, WEST AUSTRALIA--(Marketwired - Oct 24, 2017) - Sandfire Resources NL ("Sandfire" or the "Purchaser") previously announced that it, through its wholly owned subsidiary, Sandfire BC Holdings Inc., entered into a purchase commitment agreement (the "Commitment Agreement") with Tintina Resources Inc. ("Tintina") in connection with the Tintina rights offering announced September 13, 2017 (the "Rights Offering"). The Rights Offering closed at 2:00 p.m. (Vancouver time) on October 20, 2017; eligible shareholders subscribed for 100% of the total rights offered.
In connection with the Rights Offering, and in accordance with the Commitment Agreement, Sandfire subscribed for 140,315,465 common shares of Tintina, at a price per share of C$0.06 for a total aggregate consideration of C$8,418,928.
Prior to the Commitment Agreement, Sandfire beneficially owned and controlled 252,567,838 common shares of Tintina. As the Rights Offering was fully subscribed, Sandfire acquired its pro rata shares of 140,315,465 and now beneficially owns 392,883,303 common shares of Tintina, although its securityholding percentage in Tintina remains at 78.06% of the issued and outstanding common shares.
The acquired common shares will be held for investment purposes. Sandfire may, depending on market and other conditions, increase or decrease its beneficial ownership of Tintina's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.
This press release is issued pursuant to pursuant to the early warning requirements of Multilateral Instrument 62-104 and National Instrument 62-103.
For further information and to obtain a copy of the early warning report to be filed under applicable Canadian provincial securities legislation in connection with the transaction hereunder please go to Tintina Resources Inc. profile on the SEDAR website www.sedar.com, or contact Sandfire Resources.
