Turmalina Announces Termination of Marketing Agreement
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, BC – Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX, 3RI-FSE) announces that, further to its news release dated March 2, 2023, it has terminated its consulting agreement (the “Agreement”) with OGIB Corporate Bulletin (“OGIB”) effective immediately.
The Company seeks to clarify prior disclosure with respect to the Agreement. The Company previously disclosed that payments would occur in three installments of $75,000, rather than on entry into the Agreement. The full cash fee of $225,000 was paid to OGIB on entry into the Agreement, and subsequently the Company arranged a refund of $150,000, with plans to pay such amount in two remaining installments of $75,000. To date, only $75,000 has been paid of the total $225,000 previously contracted, and such amount is being retained by OGIB for the services provided.
The parties have terminated the Agreement as the Company was unable to receive approval from the TSX Venture Exchange (the “Exchange”) for the Agreement. There are no monies currently held by OGIB in advance of any work done or to be done.
On Behalf of the Company,
James Rogers, Chief Executive Officer and Director.
Website: turmalinametals.com
Address: #488 - 1090 West Georgia St, Vancouver, BC V6E 3V7.
For Investor Relations enquiries, please contact +1 833 923 3334 (toll free) or via info@turmalinametals.com.
Statements
About Turmalina Metals: Turmalina Metals is a TSXV-listed exploration company focused on developing our portfolio of high-grade gold-copper-silver projects in South America. Our focus is on tourmaline breccias, a deposit style overlooked by many explorers. Turmalina Metals is led by a team responsible for multiple gold- copper-silver discoveries who are highly experienced in this deposit style. Our projects are characterised by open high-grade mineralization on established mining licenses that present compelling drill targets. The flagship project held by Turmalina is the San Francisco project in San Juan, Argentina. For further information on the San Francisco Project, refer to the technical report entitled “NI43-101 Technical Report San Francisco Copper Gold Project, San Juan Province, Argentina” dated November 17, 2019 under the Corporation’s profile at www.sedar.com.
Forward Looking Statement: This news release includes certain statements that may be deemed “forward- looking statements”. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Forward looking statements in this news release include statements relating to the refunding to the Company by OGIB of cash consideration paid by the Company to OGIB in connection with the Agreement. Factors that could cause the actual results to differ materially from those in forward-looking statements include market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward- looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.