Sandfire Resources Acquires Additional Common Shares of Tintina Resources Inc.
WEST PERTH, WESTERN AUSTRALIA--(Marketwired - Jul 28, 2017) - Sandfire Resources NL ("Sandfire") announces that it, through its wholly owned subsidiary Sandfire BC Holdings Inc., has agreed to purchase, and acquire ownership and control of an aggregate of, 54,632,580 common shares of Tintina Resources Inc. ("Tintina") from Electrum Global Holdings L.P. and a related company, a current significant shareholder of Tintina, at a price per share of C$0.1305 for a total aggregate consideration of C$7,129,551.69. The purchased common shares represent 16.9% of the currently outstanding Tintina common shares.
Sandfire now beneficially owns and controls 252,567,838 common shares (78.1% of the currently issued and outstanding common shares). Sandfire is also deemed to beneficially own 60,000,000 common shares issuable upon the exercise of common share purchase warrants currently owned by Sandfire, and which, if exercised in full, would result in Sandfire having actual beneficial ownership and control over 81.5% (312,567,838) of Tintina's then issued and outstanding common shares calculated on a partially diluted basis, and based on the currently outstanding Tintina common shares.
The purchased 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.
Sandfire Resources NL
Level 1, 31 Ventnor Avenue
West Perth, Western Australia 6005
+61 8 6430 3800
+61 8 6430 3849
Attention: Karl Simich - Managing Director/CEO