Sandfire Resources NL ("Sandfire") announces that it, through its wholly owned subsidiary Sandfire BC Holdings Inc., has acquired ownership and control of, 70,691,163 common shares of Tintina Resources Inc. ("Tintina") through the exercise of rights to purchase such shares issued by Tintina in its recently completed rights offering. Each common share was acquired at a purchase price of C$0.06 per share.
Sandfire now beneficially owns and controls 197,935,258 common shares (61.18% of the currently issued and outstanding common shares). Sandfire is also deemed to beneficially own 60,000,000 common shares issuable upon the exercise of common share purchase warrants currently owned by Sandfire, and which represent approximately 15.6% of Tintina's then issued and outstanding common shares on a partially diluted basis. If exercised in full, Sandfire would have actual beneficial ownership and control over 67.25% (257,935,258) of Tintina's then issued and outstanding common shares calculated on a partially diluted basis, and based on the currently outstanding Tintina common shares.
The purchased common shares will be held for investment purposes. Sandfire may, depending on market and other conditions, increase or decrease its beneficial ownership of Tintina's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.
This press release is issued pursuant to the early warning requirements of Multilateral Instrument 62-104 and National Instrument 62-103.