Metalsource Mining Closes $6 Million Private Placement

Executive Summary

• Metalsource Mining Inc. closed a non‑brokered private placement raising $5,999,998.50 in gross proceeds.
• The offering consisted of 7,999,998 units at $0.75 each; each unit includes one common share and half of a transferable warrant (exercise price $1.00, three‑year term).
• Proceeds will be used to advance exploration at the Silver Hill and Byrd‑Pilot projects in North Carolina and for general working capital.

Key Details

• Units Issued: 7,999,998 units at $0.75 per unit (total gross proceeds $5,999,998.50).
• Unit Composition: 1 common share + ½ transferable share purchase warrant; each full warrant allows acquisition of one additional common share at $1.00 exercise price for three years from closing.
• Holding Period: Units subject to a four‑month and one‑day hold period under Canadian securities laws.
• No Finder’s Fees: The company did not pay any finder’s fees in connection with the offering.
• Major Investor: Eric Sprott, via 2176423 Ontario Ltd., purchased 1,333,333 units for $1,000,000.
• Use of Proceeds: Funding allocated to exploration activities at Silver Hill and Byrd‑Pilot projects (North Carolina) and for general working capital.

Notable Quotes

(No direct quotes were provided in the release.)