Metalsource closes $5.99-million private placement

Executive Summary

• Metalsource Mining Inc. has closed a non-brokered private placement raising approximately $6 million in gross proceeds.
• The company issued nearly 8 million units at $0.75 per unit, with each unit including a half-warrant exercisable at $1.00 for three years.
• Significant insider participation was observed, with Eric Sprott acquiring $1 million worth of units.

Key Details

• Gross Proceeds: $5,999,998.50
• Units Issued: 7,999,998 units
• Price Per Unit: $0.75
• Warrant Terms: Each unit includes one-half of one transferable share purchase warrant; each warrant allows the acquisition of one common share at an exercise price of $1.00 for a period of three years from the closing date.
• Hold Period: Four months and one day from the date of issuance under Canadian securities laws.
• Finders' Fees: None paid.
• Insider Investment: Eric Sprott (via 2176423 Ontario Ltd.) acquired 1,333,333 units for total consideration of $1,000,000.
• Use of Proceeds: Advancing exploration at the Silver Hill and Byrd-Pilot projects in North Carolina and for general working capital.