Eurotin Inc.
TSX VENTURE : TIN

Eurotin Inc.

March 10, 2014 16:00 ET

Eurotin Inc. Completes $835,000 Private Placement

TORONTO, ONTARIO--(Marketwired - March 10, 2014) -

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

Eurotin Inc. (TSX VENTURE:TIN) ("Eurotin" or the "Company"), is pleased to announce that the Company has completed a private placement for gross proceeds of $835,000 through the issuance of 16,700,000 common shares at a price of $0.05 per share.

In connection with the private placement, the Company has paid to PowerOne Capital Markets Limited a cash commission of $27,600 and issued warrants to purchase up to 1,002,000 common shares at a price of $0.05 per common share for a period of two years.

Certain subscribers to the private placement were non-arm's length parties. The securities issued under the private placement will be subject to a hold period expiring on July 7, 2014.

The Company may complete additional placements for cash at $0.05 over the next several weeks. In addition, the Company intends to complete debt conversion with certain creditors of the Company whereby certain payables of the Company will be converted into common shares at a deemed issue price of $0.05 per common share. The Company anticipates that up to approximately $700,000 of debt will be converted into common shares, the majority of which will be issued to the drilling company which completed the Company's drill program on its Oropesa property in 2013.

The Company intends to use the net proceeds from the Offering to continue development of the Oropesa tin project and for general working capital purposes.

Forward looking statements

This press release includes certain forward-looking statements within the meaning of Canadian securities laws that are based on the expectations of the Company as of the date of this press release. There can be no assurance that such statements will prove accurate, and actual developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release.

Forward-looking statements contained in this press release are based on a number of assumptions that may prove to be incorrect, including, but not limited to, the terms of the Offering, the planned use of the proceeds, the receipt of all regulatory approvals, general market conditions, general economic conditions, the timing of the closing of the Offering and changes in the laws, rules and regulations applicable to the Company. In addition to being subject to a number of assumptions, forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause actual developments to be materially different from those expressed or implied by such forward-looking statements. The Company has no intention, nor obligation, to update the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements.

Neither the 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.

Contact Information

  • Eurotin Inc.
    Trevor Richardson
    CEO
    416 918-2242