METALLIS AMENDS CLOSING TO $1,203,950 IN FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT
Metallis upsizes its first tranche of Greyhound financing to $1.2m as exploration momentum builds at the project.
Metallis Resources Inc. (MTS) announced an amendment to the closing amount of the first tranche of its previously announced $2.0 million non-brokered private placement. The gross proceeds for the first tranche have been increased from $1,174,550 to $1,203,950. The tranche consists of 8,026,333 units issued at $0.15 per unit. Each unit comprises one common share and ½ of one non-transferable share purchase warrant.
Warrant terms: Each full warrant entitles the holder to purchase one additional common share at an exercise price of $0.20 per share for a period of 3 years. Proceeds are designated for exploration at the Greyhound Property in Idaho and general working capital. Securities are subject to a trading hold period expiring four months plus one day from issuance. Closing remains subject to regulatory approvals and final acceptance by the TSX Venture Exchange (TSXV). Total shares outstanding post-closing: 101,018,836 common shares.
Metallis Resources Inc. (MTS) announced a routine follow-up to its June 16, 2026, closing announcement, with proceeds increasing slightly by $29,400 due to minor oversubscription or administrative adjustments typical of private placements. This incremental financing aligns with the company's stated 2026 exploration budget and does not introduce new strategic investors, materially change the capital structure, or alter the exploration thesis.
The company issued shares at $0.15, a price at the lower end of recent trading ranges, indicating a need to attract capital in a challenging junior mining environment. While the transaction results in manageable dilution relative to the company's market cap, it represents no material deviation from prior expectations. The news supports execution but does not change the fundamental risk/reward profile.
Metallis Resources Inc. (MTS) is a pre-revenue mineral exploration company focused on two primary assets: the Greyhound Property in Idaho and the Kirkham Property in British Columbia.
The company’s flagship project is the Greyhound Property, a 673-hectare site in Custer County, Idaho, which hosts polymetallic quartz-sulphide veins containing gold, silver, antimony, lead, and zinc. The geology is comparable to the historic Lucky Friday mine and the broader Silver Valley district. Metallis completed its maiden 2025 drill program, which consisted of 1,605 meters across 11 holes. This program intersected high-grade silver-gold-antimony mineralization, particularly at the 1350 Zone. The 2026 program aims to expand on these results with up to 3,000 meters of drilling and geophysical surveys.
The company’s secondary asset is the 106 km² Kirkham Property in the Golden Triangle of British Columbia. Focus at this site is on data compilation, target definition, and historical Au-Cu porphyry systems. No recent drilling updates were provided for the Kirkham Property in the current news cycle.