Toronto (pcJ News Briefs) – Eurotin Inc. (TSX-V: TIN) has closed previously announced private placement of 20,000,000 common shares at $0.05 per share for gross proceeds of $1,000,000.
Proceeds will be used for further development of its Oropesa tin deposit in southwestern Spain including ongoing metallurgical work and the completion of a feasibility study.
Eurotin also completed a shares for debt transaction, pursuant to which, Mark Wellings, President and CEO of the company, converted $1,200,000 of debt owed to him in exchange for 24,000,000 shares.
Upon completion of the shares for debt transaction and the offering, – Eurotin has 67,988,950 shares issued and outstanding. Wellings holds, directly and indirectly, 33,040,000 shares or 48.6% of the issued and outstanding shares.