Metals Creek closes $56,000 final tranche of placement

Executive Summary

• Metals Creek Resources Corp. has closed the second and final tranche of its private placement financing and filed documents with the TSX Venture Exchange seeking final approval.
• The total financing consists of 10,025,000 flow-through units and 7,500,000 non-flow-through units, generating aggregate gross proceeds of $663,500.
• Proceeds are designated for exploration on the company's Newfoundland and Ontario properties, specifically including target generation on the Ogden project.

Key Details

• Tranche 2 Details: Issued 1.4 million flow-through units at a price of four cents per unit.
• Unit Structure (Flow-Through): Each unit consists of one flow-through common share and one-half of a common share purchase warrant.
• Warrant Terms (Flow-Through): Each full warrant is exercisable at six cents for two years from the date of issue.
• Total Units Issued:
  • 10,025,000 Flow-Through Units (FT).
  • 7,500,000 Non-Flow-Through Units (NFT) issued at 3.5 cents per unit.
• Unit Structure (Non-Flow-Through): Each NFT unit consists of one common share and one common share purchase warrant.
• Warrant Terms (Non-Flow-Through): Each warrant is exercisable at six cents for five years from the date of issue.
• Aggregate Gross Proceeds: $663,500.
• Finder’s Fees: Cash fees totaling $43,050 were paid.
• Broker Warrants: 1,137,500 non-transferable broker warrants were issued in connection with the placement.
• Hold Period: All securities are subject to a four-month hold period.
• Use of Proceeds: Exploration on Newfoundland and Ontario properties, including prospecting on the Ogden project, ensuring Canadian exploration expenses qualify as flow-through mining expenditures under the Income Tax Act (Canada).
• Regulatory Status: The financing is subject to final approval by the TSX Venture Exchange.