Metalsource arranges $1.02M placement with Sprott

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."