World Bank member invests C$4.5m in Peru-focused explorer
TORONTO (miningweekly.com) – Peru-focused explorer Tinka Resources will receive a C$4.5-million investment from World Bank Group member the International Finance Corporation (IFC).
IFC said on Thursday that its motivation was to help the company develop Peru's mining sector in a way that promoted job creation and local community development as well as economic growth.
Vancouver-based Tinka was focused on developing its 100%-owned Colquipucro and Ayawilca projects, which were 40 km north-west of Cerro de Pasco, in the richly mineralised silver/lead/zinc belt of Central Peru.
IFC would acquire 20.93-million of the up to 33.74-million units on offer by Tinka to investors at C$0.215 apiece. Each unit was composed of one Tinka common share; 0.375 of a 2.5 year warrant that entitled IFC to acquire one common share at any time after closing for a 30-month period at an exercise price of $0.30 a share; and 0.375 of a five-year warrant that entitled IFC to buy one common share at a strike price of $0.45 a share.
Tinka would have about 149.8-million shares and warrants outstanding after the deal had closed. IFC would acquire and directly hold about 14%, or about 22.1%, of the outstanding Tinka common shares, assuming it had exercised all of the warrants under the offering.
IFC was acquiring its units through a private placement for investment purposes.
The transaction was expected to close on Friday.
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