Metals Creek Resources Corp. Closes $800,000 Flow-Through Private Placement
Metals Creek secures fresh capital to fund drilling at its Ogden project, though a going concern warning remains in place.
Metals Creek Resources Corp. (MEK) closed a non-brokered flow-through private placement on November 9, 2026. The company issued 20,000,500 flow-through common shares at $0.04 per share, raising $800,020 in gross proceeds.
Finder's fees of $56,001.40 were paid in cash, and 1,400,035 non-transferable broker warrants were issued. These warrants are exercisable at $0.05 per share for 24 months, expiring November 6, 2028.
Proceeds are designated for exploration on the Ogden Gold Project in Ontario to qualify as Canadian Exploration Expenses under the Income Tax Act. All securities carry a four-month hold period and require TSX Venture Exchange approval.
Metals Creek Resources Corp. (MEK) has secured $800,000 in financing to provide immediate working capital for its ongoing four-hole diamond drill program at the Ogden Gold Project, which was mobilized in October 2026. The issuance price of $0.04 matches the current market price, indicating no discount to existing shareholders. This modest raise aligns with the company's historical pattern of frequent, small-scale financings to cover operational burn and flow-through expenditure obligations.
The company's Q2 2026 MD&A explicitly flagged a going concern warning due to insufficient unrestricted cash to cover ongoing G&A and flow-through commitments. While this financing mitigates immediate liquidity pressure, it does not resolve the underlying structural cash shortfall. The transaction adds approximately 20 million shares to the ~239.35 million share base, representing a notable dilutive impact, though the company has already issued significant warrants and options that could further increase the float. The news is incremental and expected, serving as a necessary bridge to complete the current exploration program and meet tax compliance deadlines.
Metals Creek Resources Corp. (MEK) is a junior exploration company listed on the TSX Venture Exchange. Its flagship asset is the Ogden Gold Project, a 50/50 joint venture with Discovery Silver Corp. located in the Timmins Gold Camp, Ontario. The project sits on the Porcupine-Destor Break, an 8-kilometer strike length known for high-grade gold mineralization.
Historical and recent drilling at the Ogden Gold Project has returned significant high-grade intercepts, including 115.51 g/t Au over 9.85m and 210.19 g/t Au over 12.53m.
The company’s secondary assets include the Flint North Project in Ontario, the Yellow Fox REE property in Newfoundland which is optioned to Lomiko Metals, and six natural hydrogen/helium exploration properties in Newfoundland acquired jointly with Benton Resources.