Tincorp Metals Inc. announced a non-brokered private placement of up to 7,500,000 units at a price of CAD 0.40 per unit for the gross proceeds of CAD 3,000,000 on October 16, 2023. Each unit will consist of one common share of the company and one non-transferable share purchase warrant. Each warrant will entitle the holder thereof to acquire one share from the company at a price of CAD 0.58 per share for a period of 24 months from the closing of the offering.

The warrants will be subject to an acceleration clause which entitles the company to provide notice to holders that the warrants will expire 10 days from the date the company provides the Acceleration Notice. The company can only provide the Acceleration Notice if the closing price of the company?s common shares on the TSXV is equal to or greater than CAD 0.58 for ten consecutive trading days. The Acceleration Notice can be provided at any time after the statutory hold period and before the expiry date of the warrants.

The transaction will include participation from returning investor Silvercorp Metals Inc., company's largest shareholder for 29.2% stake, and other insiders of the company for an aggregate of up to 2,190,000 units. The offering is anticipated to close on or about November 16, 2023, or such other date as the company may determine. The closing of the offering is subject to certain conditions, including the approval of the TSXV and certain other conditions customary for a private placement of this nature.

All securities issued pursuant to the offering will be subject to a statutory four-month and one-day hold period from the closing date. The company may pay a finder?s fee in respect of those purchasers under the offering introduced to the company by certain eligible persons. Each finder will receive a cash payment equal to 6% of the gross proceeds received by the company from purchasers under the offering who were introduced to the company by such finder.