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Tectonic Metals marks major milestone with shares set to start trading on Toronto venture exchange on November 18

The company holds a package of gold assets in Alaska’s prolific Tintina gold belt

Kaminak Gold Corporation -
Shares are set to change hands on the venture exchange in Toronto on or around November 18 under the 'TECT' ticker symbol

Ambitious explorer Tectonic Metals Inc (PRIVATE) is transitioning to a publicly trading company with shares due to start changing hands as it floats on the venture exchange in Toronto on or around November 18 under the ticker 'TECT'.

Behind Tectonic is the team that sold Kaminak Gold Corporation to mining major Goldcorp Inc, now Newmont Goldcorp (NYSE:NEM), for C$520 million in 2016 after advancing the Coffee gold project through to a bankable feasibility study.

READ: Tectonic Metals brings former Kaminak Gold executives together to advance a new set of mineral assets in Alaska

The firm now holds a package of gold assets in Alaska’s prolific Tintina gold belt, which it hopes have the same sort of potential.

In connection with its listing on the TSX-V, the firm has raised over C$5.8 million via the private placing of more than 16.6 million special warrants, which on November 11 were automatically exercised.

"The Tectonic team is ecstatic to achieve this milestone," said Tectonic's president and chief executive Tony Reda on the upcoming listing.

"Our recent go-public financing allowed us to advance exploration activities at our three properties, and through our direct listing, we are entering into the public markets in an efficient manner that preserves value for our shareholders.  We would also like to acknowledge and thank our shareholders for their ongoing support and trust in our ability to execute. 

"Our transition from a privately held company to a publicly-traded company on the TSX-V represents the next chapter of our growth, and we are excited about the opportunities ahead of us."

The jewel of Tectonic’s crown currently is the Tibbs project, where high-grade gold was discovered in trenches, and highlight historic drill results have included 57.1 grams per ton (g/t) gold over 1.5 metres.

It also holds the Seventymile and Northway projects, the latter located near Royal Gold’s Peak Gold project, currently valued at nearly US$400 million pre-tax with an internal rate of return of 37%, according to a 2018 prefeasibility study.

Both projects are under partnership with Doyon Limited, an Alaska Native regional corporation with 12.5 million acres of land and a long history of minerals deals with junior and senior companies.

Tectonic has completed exploration in the Tibbs, Northway and Seventymile Projects in Alaska during this year's field season, it said, and another corporate update will be provided once the results are evaluated.

Holders of the special warrants were issued one company share, and one common share purchase warrant. Each whole warrant entitles the holder to buy one company share for C$0.50 for 24 months following the date of issuance, subject to adjustment in certain events.

 

Quick facts: Kaminak Gold Corporation

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TSX-V:KAM
Market: TSX-V
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