Electrum Strategic Metals LLC

February 11, 2011 16:30 ET

Electrum Strategic Metals Agrees to Acquire Shares of TintinaGold

NEW YORK, NEW YORK--(Marketwire - Feb. 11, 2011) -

NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE UNITED STATES

Electrum Strategic Metals LLC ("Electrum") announced that an entity controlled by it, Electrum Strategic Metals II LLC ("Electrum Strategic"), has entered into a definitive agreement with TintinaGold Resources Inc. ("Tintina") for the acquisition of ownership, on a private placement basis in reliance on the accredited investor exemption, of 8,661,417 common shares of Tintina (the "Shares") at a price of CDN$0.635 per Share for gross cash proceeds to Tintina of approximately CDN$5,500,000.

Assuming the completion of the acquisition noted above and the issuance of the additional Shares described in Tintina's press release dated February 10, 2011, Electrum will directly and indirectly own an aggregate of 35,120,945 Shares, representing approximately 25.09% of the issued and outstanding Shares, and will also directly own 18,280,165 currently exercisable common share purchase warrants (the "Warrants"). Assuming thereafter that Electrum exercises all of its Warrants, Electrum would directly and indirectly own approximately 33.74% of the issued and outstanding Shares. Electrum may be considered a joint actor with Electrum Strategic by virtue of Electrum controlling Electrum Strategic.

The Shares to be issued to Electrum Strategic referred to above, and the Warrants and Shares owned by Electrum and Electrum Strategic referred to above, were acquired for investment purposes. Electrum, Electrum Strategic and/or one or more of their respective affiliates may, depending on market and other conditions, increase or decrease their beneficial ownership of Shares or other securities of Tintina whether in the open market, by privately negotiated agreement or otherwise.

Electrum and Electrum Strategic are located at 535 Madison Avenue, 11th Floor, New York, NY 10022. A copy of the report relating to this acquisition can be obtained from Michael Williams 646-365-1600 or on Tintina's profile at www.SEDAR.com.

The filing of this report is not an admission that an entity named in the report owns or controls any described securities or is a joint actor with another named entity.

Contact Information

  • Michael Williams
    646-365-1600