Metalero Mining closes $919,501 private placement

Executive Summary

• Metalero Mining Corp. closed an oversubscribed non‑brokered private placement, raising $919,501 in gross proceeds.
• The offering consisted of 7,662,509 units at $0.12 per unit, each unit containing one common share and one warrant (exercisable at $0.25 in year 1 and $0.35 in year 2).
• Proceeds will fund exploration on the flagship Benson project in central British Columbia and provide general working capital.

Key Details

• Units Issued: 7,662,509 (each = 1 common share + 1 warrant)
• Price per Unit: $0.12 → Gross proceeds: $919,501
• Warrant Terms:
• Exercise price $0.25 per share for the first year after issuance
• Exercise price $0.35 per share for the second year after issuance
• Warrants exercisable for two years from issuance date
• Finder’s Compensation: $25,862 cash paid and 215,520 finder’s warrants issued on the same terms as unit warrants.
• Insider Participation: Insiders purchased 2,019,583 units; transaction qualifies as a related‑party transaction under MI 61‑101 but is exempt from formal valuation/minority approval because fair market value ≤ 25 % of market cap. No new control person created.
• Use of Proceeds:
• Advance exploration at the Benson project (soil sampling follow‑up, ground geophysical surveys)
• General working capital for corporate purposes
• Statutory Hold Period: All securities subject to a four‑month‑plus‑one‑day hold period per applicable securities laws.
• Project Background (Benson):
• 166 km², road‑accessible land package with five AI‑identified target areas (Geoscience B.C. 2022‑07 report) highlighting porphyry‑like anomalies.
• Historical work shows gold and copper surface geochemical anomalies; limited drilling intersected skarn and epithermal Au‑Ag mineralization associated with porphyry systems.

Notable Quotes

No direct quotes were provided in the release.