Tinka Resources Ltd. is looking to raise gross proceeds of up to C$10 million to fund exploration at its Ayawilca zinc project in Peru, as well as for general working capital and corporate purposes.

The private placement will comprise up to 50.0 million common shares priced at 20 cents apiece, the company said Oct. 11, with GMP Securities LP acting as agent. The offering is slated to close on or about Nov. 1.

Tinka signed a four-year access agreement in late September with the San Pedro de Pillao community, the third and final community that owns surface rights at Ayawilca.