Turmalina Metals Corp. announced a non-brokered private placement of up to 10,000,000 units at a price of CAD 0.45 per unit, for aggregate gross proceeds of up to CAD 4,500,000 on January 31, 2023. Each unit will be comprised of one common share and one half of one share purchase warrant.

Each warrant will entitle the holder thereof to acquire one additional share at a price of CAD 0.60 per warrant share for a period of 24 months from the closing date of the offering. The company may pay certain finders a cash commission equal to 7% of the aggregate gross proceeds raised from those purchasers introduced by such finder and/or issue such finder such number of non-transferable share purchase warrants equal to 7% of the total number of Units sold to investors introduced by such finder, which provide that such finder may acquire shares of the company at CAD 0.45 per finder's warrant share for a period of 24 months from the date of issuance. The offering may close in tranches.

The offering is expected to close on or before March 17, 2023. The offering is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange.