Metals Creek Resources Corp. Closes $3.9M Non-Brokered Private Placement of Flow-Through and Non Flow-Through Units

Thunder Bay, Ontario – 17 March, 2021 – Metals Creek Resources Corp. (“Metals Creek” or the “Company”) (TSXV: MEK) is pleased to announce today that subject to final TSX-V approval, the company has closed a non-brokered private placement of flow-through and non flow-through units (the “Private Placement”).

 

The company has raised aggregate proceeds of $3,955,197.26 by issuing 6,107,326 non flow-through units at $0.11 per unit, with each non flow-through unit consisting of one common share and one common share purchase warrant, and 21,889,276 flow-through units at $0.15 per unit, with each flow-through unit consisting of one flow-through common share and one common share purchase warrant. The warrants,in each case, are exercisable for one common share of the Company at an exercise price of $0.165 for a period 24 months from the date of issuance. Cash finders' fees of $81,126.35 were paid in connection with this financing as well as the issuance of finders' warrants in the amount of 177,818 which are each exercisable for one common share of the Company at $0.165 for a period of 24 months from the date of issuance.

 

Crescat Capital LLC (“Crescat”) participated in the Private Placement by purchasing 9,090,910 flow-through units, which represents 7.15 % of the total issued and outstanding common shares of the Company on a non-diluted bases and 14.3% on a partially-diluted basis. The Company did also enter into an agreement with Crescat granting Crescat an option to participate in future financings to maintain its pro rata interest in the Company, until such time as Crescat holds less than 3% of the issued and outstanding common shares of Metals Creek.

 

All securities issued pursuant to the Financing are subject to a four-month and one day hold period.

 

About Metals Creek Resources Corp.

 

Metals Creek Resources Corp. is a junior exploration company incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the Exchange under the symbol “MEK”. Metals Creek has earned a 50% interest in the Ogden Gold Property from Newmont Corporation, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has an 8 km strike length of the prolific Porcupine-Destor Fault (P-DF). In addition, Metals Creek has signed an agreement with Newmont Corporation, where Metals Creek can earn a 100% interest in the past producing Dona Lake Gold Project in the Pickle Lake Mining District of Ontario.