01:23:15 EDT Thu 23 Sep 2021
Enter Symbol
or Name
USA
CA



Transatlantic Mining Corp
Symbol TCO
Shares Issued 114,757,693
Close 2016-06-22 C$ 0.06
Recent Sedar Documents

Transatlantic Mining exercises U.S. Grant lease option

2016-06-22 18:41 ET - News Release

Mr. Rob Tindall reports

TRANSATLANTIC MINING ANNOUNCES CORPORATE UPDATE

Transatlantic Mining Corp. has provided a corporate update for the company.

U.S. Grant property

The company has exercised its option under the lease and option agreement to begin leasing the U.S. Grant property. The four-month due diligence period has been considered to be successful, and the board looks forward to progressing the asset.

Private placement

The company will be arranging a non-brokered private placement of up to 50 million units at a price of five cents per unit for gross proceeds of up to $2.5-million. Each unit comprises one common share and one-third of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share for a period of two years at a price of 10 cents.

Proceeds of the placement will be used for the company's properties, potential acquisitions and general working capital.

All securities issued in connection with the offering will be subject to a statutory hold period of four months and a day from the date of issuance, in accordance with applicable securities law. The offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange.

Convertible loan

The company will be arranging a convertible loan in the amount of $250,000 (U.S.) at a rate of 8 per cent per year. The convertible loan will be converted at the discretion of the lender at either event: (i) in conjunction of the current announced private placement; or (ii) a 20-per-cent discount to market at such time the lender decides to convert the loan to shares. The convertible loan is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the approval of the TSX-V.

Options

The company has also granted incentive stock options to its board members, officers and consultants to acquire 21.5 million common shares at a price of 10 cents per common share for a period of two years.

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