03:44 PM EDT, 05/16/2024 (MT Newswires) -- TinOne Resources ( TORCF ) said Thursday it closed the first tranche of a private placement on convertible debenture units, raising $611,000.

The company placed 611 of the units priced at $1,000 and made up of 10%, three-year unsecured debenture that can be converted into shares priced C$0.11, and 6,896 three-year warrants to buy a share for C$0.16.

The proceeds of the financing will be used for exploration drilling, working capital, and general corporate purposes.

TinOne shares were last seen down C$0.005 to C$0.16 on the TSX Venture Exchange.

Price: 0.16, Change: -0.01, Percent Change: -3.03