TinOne Resources plans private placement of up to C$750,000

TinOne Resources Inc. (TSXV: TORC) (OTC Pink: TORCF) announced a non-brokered private placement of up to 15,000,000 units at C$0.05 per unit, seeking gross proceeds of up to C$750,000.

Each unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to purchase one additional common share at C$0.10 for 24 months following the closing date.

The company may pay eligible finders up to 6% in cash and up to 6% in finder's warrants in connection with the offering.

Closing is subject to approval from the company's board of directors and the TSX Venture Exchange. Securities issued will be subject to a statutory hold period of four months plus one day from the date of issuance under Canadian securities legislation.

According to the company's press release, proceeds will be used to advance its projects in Tasmania, Australia, and for general working capital purposes.

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