Tintina Provides Additional Information Relating to Proposed Investment in Chile and Debt Reorganization

TORONTO, June 17, 2024 (GLOBE NEWSWIRE) -- Tintina Mines Limited (“Tintina” or the “Company”) (TSXV: TTS) wishes to provide additional information in connection with the upcoming meeting of the shareholders of the Company on June 26, 2024, at which the shareholders will be asked to consider and approve two related transactions. These include: (i) an investment in Andean Belt Resources SpA (“ABR”), a mining exploration company incorporated under the laws of Chile, to acquire a 65%-75% equity ownership interest in ABR for cash consideration in the amount of $4,000,000 (USD); and (ii) a proposed reorganization of the Company’s existing debt (currently in the amount of $12,071,484.57 (CAD)) with its shareholder and sole creditor, Mr. Juan Enrique Rassmuss through: (i) the issuance of up to the lower of (a) 126,191,416 common shares in the capital of the Company (on a post-consolidation basis, as described below) and (b) such number of common shares that would result in no less than 10% of the common shares being in the “public float” (as defined in the policies of the TSXV), at an issuance price of $0.06 per common share (on a post-consolidation basis, as described below) in satisfaction of up to $7,571,484.57 of outstanding debt; and (ii) the conversion of the remaining debt in the amount of $4,500,000 into a long-term obligation with no fixed maturity, bearing interest at a rate of 7% per annum and payable on demand, subject to the condition that Mr. Rassmuss may not demand repayment for a period of two years. Both of these transactions are related party transactions and are also described in the press release of the Company dated February 6, 2024.

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