TinOne Resources Inc (OTCMKTS:TORCF) Stock On Radar After Private Placement Financing

Last Friday TinOne Resources Inc (OTCMKTS:TORCF) was in focus after the company made a major new announcement and it could be a good time to take a quick look. The company announced on that day that it had been successful in closing the first tranche of its non-brokered private placement financing that it had announced on May 18, 2023.

Trading Data

On Friday, TORCF stock gained 0.67% to $0.1047 with more than 200 shares traded, compared to volume of 8.67K shares. The stock moved within a range of $0.1047 – 0.1047 after opening trading at $0.1047.

Tinone Closes First Tranche Of Private Placement Financing

TinOne Resources announced that it had managed to generate gross proceeds to the tune of C$296,420 from the transaction. The company offered a total of 2,470,166 units in the offering and had been issued for the price of C$0.12 each.

Each unit that had been offered was made up of one common share in TinOne Resources and half of a share purchase warrant. Anyone in possession of a whole share purchase warrant would be entitled to pick up a common share in the company for the price of C$0.25 up until June 2, 2025. It was also revealed that the company would pay a finder’s fee of $4561 and also issued as many as 38010 finder’s warrants. TinOne Resources would also look to raise additional funds to the tune of C$1,000,000 as it had previously announced on May 18.