Sandfire Resources NL

September 14, 2017 14:58 ET

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

WEST PERTH, WESTERN AUSTRALIA--(Marketwired - Sept. 14, 2017) - Sandfire Resources NL ("Sandfire" or the "Purchaser") announces that it, through its wholly owned subsidiary, Sandfire BC Holdings Inc., has entered into a purchase commitment agreement (the "Commitment Agreement") with Tintina Resources Inc. ("Tintina") in connection with the Tintina rights offering announced September 13, 2017 (the "Rights Offering"). The Purchaser has agreed, subject to the satisfaction of certain conditions, to fully exercise its basic subscription privilege to subscribe for 140,315,465 common shares of Tintina, at a price per share of C$0.06 for a total aggregate consideration of C$8,418,928.

Sandfire beneficially owns and controls 252,567,838 common shares (78.06% of the currently issued and outstanding common shares). Pursuant to the Commitment Agreement, Sandfire is now deemed to beneficially own an additional 140,315,465 common shares purchasable on exercise of rights. If the purchase obligations of Sandfire are fulfilled in full, Sandfire does not subscribe for additional shares in the Rights Offering and no other shareholders exercise their rights, Sandfire will own 392,883,303 common shares representing 84.70% of the issued and outstanding common shares on completion of the Rights Offering.

The subscribed for 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, or contact Sandfire Resources.

Contact Information

  • Sandfire Resources NL
    Attention: Karl Simich
    Managing Director/CEO
    +61 8 6430 3800
    +61 8 6430 3849 (FAX)
    Level 1, 31 Ventnor Avenue
    West Perth, Western Australia 6005