VANCOUVER, BC--(Marketwired - July 12, 2016) - TriMetals Mining Inc. (TSX: TMI)(TSX: TMI.B)(OTCQX: TMIAF)(OTCQX: TMIBF), (the "Company"), is pleased to announce that yesterday, July 11, 2016, it has closed the second and final tranche of its private placement (the "Private Placement"). The Company raised gross proceeds of CDN$4,348,250 in two tranches through the issuance of 17,393,000 units (the "Units") at a price of $0.25 per Unit. Each Unit is comprised of one common share and one half of one common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to purchase an additional common share of the Company at an exercise price of $0.40 per share for a period of 36 months from the closing date of the private placement.
In connection with the private placement a cash commission of CDN$19,800, equivalent to less than 0.5% of the aggregate cash received in the Private Placement, and 79,200 non-transferable compensation-warrants, equivalent to less than 0.5% of the aggregate number of Units issued in the Private Placement, were paid. Each compensation-warrant entitles the holder to purchase, for a period of 18 months, a Unit at a price of CAD$0.30 per Unit.
All securities issued under the private placement will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The Private Placement remains subject to the final approval of the TSX.
The proceeds from the Private Placement will be used to fund the exploration of the Company's Gold Springs property in the Nevada/Utah border and for general working capital purposes.
About TriMetals Mining Inc.
TriMetals Mining Inc. is a growth focused mineral exploration company creating value through the exploration and development of the near surface, Gold Springs gold-silver project in mining friendly Nevada and Utah in the U.S.A.
The Company's approach to business combines the team's track record of discovery and advancement of large projects, key operational and process expertise, and a focus on community relations and sustainable development. Management has extensive experience in the global exploration and mining industry.
The Company's common shares and Class B shares are listed on the Toronto Stock Exchange under the symbols "TMI" and "TMI.B" and the common shares and Class B shares also trade on the OTCQX market under the symbol "TMIAF" and "TMIBF". Additional information related to TriMetals Mining Inc. is available at www.trimetalsmining.com and on SEDAR at www.sedar.com.
Forward Looking Statements
Certain statements contained herein constitute "forward-looking statements". Forward looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "advancement", "will", "may", "expect", and similar expressions. These forward- looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations if known and unknown risks or uncertainties affect our business or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may affect the advancement of the Gold Springs project, including possible variations in mineral resources, grade, recovery rates, metal prices, capital and operating costs, and the application of taxes; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, changes in project parameters, including water requirements for operations, as plans continue to be refined; regulatory, environmental and other risks of the mining industry more fully described in the Company's Annual Information Form and continuous disclosure documents, which are available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results, including the reliability of exploration results of previous companies; the continuing support for mining by local governments in Nevada and Utah; the availability of equipment and qualified personnel to advance the Gold Springs project; execution of the Company's existing plans and further exploration and development programs for Gold Springs, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs.
Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, TMI assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this press release describe the Company's expectations as of July 12, 2016.