Northwire Canada EditionFriday, November 13, 2026
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Drill Results

Metal Source Mining Announces $1.02 Million Private Placement with Eric Sprott and Provides Exploration Update

By The Northwire Desk — AI Analysis Dec 24, 2025 · 14:29 MSM · 0.4 Metalsource Mining Inc.
MSM · Price

Executive Summary

  • Metal Source Mining Inc. announced a non‑brokered private placement of 3,400,000 units at $0.30 per unit, raising gross proceeds of $1.02 million.
  • Each unit consists of one common share and half of a transferable warrant; each full warrant allows purchase of an additional share at $0.40 for two years.
  • The sole investor is Eric Sprott (through 2176423 Ontario Ltd.), with the offering expected to close on or before December 31, 2025 pending regulatory approvals.

Key Details

  • Units Offered: 3,400,000 units @ $0.30 per unit → Gross proceeds: $1,020,000.
  • Unit Composition: 1 common share + ½ transferable common share purchase warrant.
  • Warrant Terms: One whole warrant (comprised of two halves) gives the holder the right to buy one additional common share at $0.40 per share for a period of two years from issuance.
  • Investor: Eric Sprott, via 2176423 Ontario Ltd., acquiring all 3,400,000 units for total consideration of $1,020,000.
  • Closing Timeline: Expected on or before 31 Dec 2025, subject to receipt of required regulatory approvals (including CSE approval).
  • Use of Proceeds: Not explicitly detailed in the release; implied support for ongoing exploration activities.
  • Exploration Update – Silver Hill Project: Hole 4 completed; additional drill holes planned as part of the current phase. Analytical results pending.

Notable Quotes

  • “The Company thanks Mr. Sprott for his continued support in Metal Source Mining.” – CEO Joe Cullen

All securities issued will be subject to applicable statutory hold periods under Canadian securities laws.

Read the original news release →

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