Sandfire Resources NL

November 18, 2015 08:00 ET

Sandfire Resources to Acquire Additional Common Shares of Tintina Resources Inc.

WEST PERTH, WESTERN AUSTRALIA--(Marketwired - Nov. 18, 2015) - 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, 47,244,095 common shares of Tintina Resources Inc. ("Tintina") from Quantum Partners LP, a current significant shareholder of Tintina, at a price per share of C$0.0831. The purchased common shares represent 21.23% of the currently outstanding Tintina common shares.

Upon completion of the purchase of the shares, Sandfire will beneficially own and control 127,244,095 common shares (57.19% of the issued and outstanding common shares). Sandfire is also deemed to beneficially own 80,000,000 common shares issuable upon the exercise of common share purchase warrants currently owned by Sandfire, and which represent approximately 26.4% of Tintina's then issued and outstanding common shares on a partially diluted basis. If exercised in full, Sandfire would have actual beneficial ownership and control over 68.51% (207,244,095) 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. The purchase of the shares is made in reliance upon the exemption contained in Section 100.1 of the Securities Act (Ontario) and Section 4.2 of Multilateral Instrument 62-104. The purchase is being made from one vendor at price of not more than 115% of the market price as defined for purposes of this legislation.

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.

Contact Information

  • Sandfire Resources NL
    Karl Simich
    Managing Director/ CEO
    +61 8 6430 3800
    +61 8 6430 3849 (FAX)

    Sandfire Resources NL
    Level 1, 31 Ventnor Avenue
    West Perth, Western Australia 6005