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TSX Venture Exchange
Trading Symbol: TCO
VANCOUVER, Oct. 13, 2016 /CNW/ - Transatlantic Mining
Corp (TSX.V: TCO) (the "Company") announces that it
has now closed its previously announced private placement in the
amount of $3,970,375 consisting of
79,407,492 units at $0.05 per unit.
Each unit consists of one common share and one-third share purchase
warrant, with each warrant entitling the holder to purchase one
additional common share, exercisable at a price of $0.10 for a period of two years. The Company also
issued finders' fees of $76,020 in
cash, 804,700 shares, and 1,788,633 share purchase warrants, having
the same terms and conditions as the warrants comprised in the
units, as finders' fees in connection with the placement. The
shares and warrants issued in accordance with the foregoing are
subject to a four-month hold period.
This significant cash injection is expected to fund the Company
through positive operating cash flow later this year.
We thank long-term shareholders for their patience, and new
shareholders for their strong interest in the Company's transition
from explorer/developer to gold-silver producer at the US Grant
Mine & Mill complex in Montana
(USA).
While the official closing of the capital raise was a priority,
we are now focused on ramping up production at US Grant.
About Transatlantic Mining Corp.
Transatlantic Mining Corp. (TSX-V: TCO) is a mineral
exploration company focused on generating near-term cash flow from
its leased (with exclusive option to purchase) US Grant
Gold/Silver Mine & Mill in Montana
(USA). The Company also has an option to earn into an 80%
interest in AMCOR's Monitor Copper/Gold/Silver project in the
prolific Coeur D'Alene Mining District of Idaho (USA).
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Transatlantic Mining Corp.