Tintina Resources Inc.
TSX VENTURE : TAU
OTCQX : TINTF

Tintina Resources Inc.

September 12, 2014 09:30 ET

Tintina Resources Closes Transaction with New Strategic Partner, Sandfire Resources NL

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 12, 2014) - Tintina Resources Inc. ("Tintina" or the "Company") (TSX VENTURE:TAU)(OTCQX:TINTF) is pleased to announce that it has closed its previously announced transaction with Sandfire Resources NL which today purchased 80 million units of the Company at a price of $0.20 per unit for gross proceeds of $16 million.

Sandfire is an Australian Securities Exchange listed company based in Perth, Australia and the owner and operator of the DeGrussa Copper-Gold Mine. The closing of the private placement gives Sandfire an initial 36% stake in the Company (which would increase to 53% if Sandfire exercises all of the warrants issued to it today). The funds raised will enable the Company to continue work on a feasibility study and a mine operating permit application for the Company's Black Butte Copper Project located in Montana, USA.

For further details regarding the transaction please see the Company's news release dated August 27, 2014. Following the closing, the Company will have cash on hand of approximately $17.8 million with approximately 222 million shares outstanding.

Mr. Bruce Hooper, Sandfire's Chief Business Development Officer, has been appointed President and Chief Executive Officer and a director of Tintina on a secondment basis, in place of Mr. Gerald Booth, Tintina's Interim CEO and a director, who was planning to retire. Tintina would like to thank Mr. Booth for the contributions he has made to the Company and wishes him all the best in his retirement.

Sandfire has advised the Company that Sandfire will nominate a second individual as a director of the Company pursuant to the rights granted to Sandfire in connection with the private placement in due course.

Directors Mr. Ken Collison and Mr. Steven Khan have resigned concurrently with the closing of the transaction, but will continue in a consulting capacity. Mr. Rick Van Nieuwenhuyse will continue as a director and non-Executive Chairman.

The securities issued or issuable under the private placement are subject to a four month hold period expiring January 13, 2015.

ABOUT TINTINA RESOURCES INC.

Tintina Resources Inc. is a growth company focused on the exploration, development, and mining of its 100% owned flagship property, the Black Butte Copper project in central Montana, USA. The Company is led by a highly experienced executive management team that has a successful track record of building shareholder value through exploration, corporate finance, and mine development.

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

  • Tintina Resources Inc.
    Mr. Bruce Hooper, President and Chief Executive Officer
    (604) 628-1162
    Email: info@tintinaresources.com