Northwire Canada EditionFriday, November 13, 2026
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Drill Results

Metalsource arranges $1.02M placement with Sprott

By The Northwire Desk — AI Analysis Dec 24, 2025 · 21:22 MSM · 0.40 Metalsource Mining Inc
MSM · Price

Executive Summary

  • Metalsource Mining Inc. announced a non-brokered private placement of 3.4 million units at $0.30 per unit, raising gross proceeds of $1.02 million.
  • The sole investor is Eric Sprott (via 2176423 Ontario Ltd.), who acquired all units in the offering.
  • The company provided an exploration update stating that drilling is underway at the Silver Hill project, with hole 4 completed and additional holes planned.

Key Details

  • Financing Structure: Non-brokered private placement of 3.4 million units.
  • Price: $0.30 per unit.
  • Gross Proceeds: $1.02 million.
  • Warrant Terms: Each unit includes one common share and one-half of one transferable common share purchase warrant. Each whole warrant allows the purchase of one additional common share at $0.40 per share for a period of two years.
  • Investor: Eric Sprott, through 2176423 Ontario Ltd.
  • Closing Conditions: Expected to close on or before Dec. 31, 2025, subject to regulatory approvals, including the Canadian Securities Exchange.
  • Hold Periods: All securities subject to applicable statutory hold periods under Canadian securities laws.
  • Exploration Update: Drilling is currently active at the Silver Hill project; hole 4 has been completed, with several additional drill holes planned for the current phase.

Notable Quotes

  • "The company thanks Mr. Sprott for his continued support in Metalsource Mining."
Read the original news release →

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