IKN

More matter with less art

Tough market out there?

Yup, tough market.
Here’s a Tinka Resources (TK.v) NR from September 23rd:
Vancouver, Canada – Tinka Resources Limited (the “Company”), (TSXV: TK) (Frankfurt: TLD) (OTCPK: TKRFF), announces a private placement financing of up to 4,000,000 units at a price of $0.50 per unit (the “Unit”) for gross proceeds of up to $2,000,000. Each Unit consists of one common share and one-half of one share purchase warrant. Each whole warrant will be exercisable at a price of $0.75 per common share for a period of twelve months from the date of closing of the private placement. 
The net proceeds of the private placement are expected to be used to advance exploration work on the Company’s Colquipucro and Ayawilca projects and for general working capital purposes. Finders’ fees consisting of cash and warrants may be payable on a portion of the private placement financing. continues here
Here’s one from October 8th:

Vancouver, Canada – Tinka Resources Limited (the “Company”), (TSXV: TK) (Frankfurt: TLD) (OTCPK: TKRFF), announces that further to the Company’s news release of September 23, 2013, the Company has closed the first tranche (the “First Tranche”) of its non-brokered private placement financing. Under the First Tranche, the Company issued 1,579,480 units for gross proceeds of $789,740. Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant is exercisable to acquire one additional common share of the Company at a price of $0.75 per common share until October 8, 2014. Closing of a second tranche is anticipated to take place shortly. continues here

And here’s one from today, November 7th:

Vancouver, Canada – Tinka Resources Limited (the “Company”), (TSXV: TK) (Frankfurt: TLD) (OTCPK: TKRFF), reports that Richardson GMP Limited (“Richardson GMP”) is acting as agent for the Company on a best efforts private placement basis for the sale of up to 2,000,000 units of the Company at a price of $0.50 per unit for gross proceeds of $1,000,000. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable to acquire one additional common share of the Company at a price of $0.75 per common share for a period of one year from the date of closing of the private placement financing. Richardson GMP will be paid a commission from the gross proceeds raised by them consisting of cash and agent warrants. continues here

In other words, the second tranche got too difficult to fill by its normal newsletter pumpo tactics alone (TK.v has beenaggressively pumped by several outlets for a couple of years, but their flocks may have been shorn once too often) in so TK.v is going to pay a real brokerage to try and fill its financing. And with the company running through about $1.2m per quarter on average, and a drill program just started on top, the $2.4m in cash held by TK.v as at the last report of June 30th is probably beginning to look a little thin.

Leave a Reply

Your email address will not be published.

Hello, you are not in a chatroom, you are in my living room. Opposing views and criticisms welcome, insults or urinating on furniture unwelcome. Please refrain from swearing if possible, it is not needed.