Toronto, Ontario--(Newsfile Corp. - December 22, 2017) - Eurotin Inc. ("Eurotin" or the "Company") (TSXV: TIN) is pleased to announce that the Company has completed a private placement of 19,047,619 common shares in the capital of the Company ("Shares") for gross proceeds of $1,000,000 at a price of $0.0525 per Share (the "Offering").
The funds raised pursuant to the Offering will be used by the Company for general working capital purposes and the continued development of the Company's Oropesa tin property in southwestern Spain.
Mark Wellings, the Company's President and CEO, purchased 1,671,429 Shares pursuant to the Offering, which constituted a "related party transaction" within the meaning of Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuance to Mr. Wellings is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as the fair market value of the Shares issued to and the consideration paid by Mr. Wellings did not exceed 25% of the Company's market capitalization.
Upon completion of the Offering, the total number of issued and outstanding Shares is 87,036,569. Wellings holds, directly and indirectly, 34,869,329 Shares or 40.06% of the issued and outstanding Shares.
Wellings has a long-term view of the investment and may acquire further common shares of the Company either on the open market or through private acquisitions or sell the Shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
All Shares issued by the Company pursuant to the Offering are subject to a four month hold period.
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the use of proceeds of the Offering, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. 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. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
For further information please contact:
President and CEO
Neither 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.