Metals Creek closes financing
Metals Creek Resources Corp. has closed its non-brokered private placement financing for $425,750.
The Company has issued 11,650,000 flow-through units (the "FT Units") at a price of $0.035 per FT Unit, each FT Unit consisting of one flow-through common share (the "FT Shares") and one half of a non-flow-through common share purchase warrant (the "FT Warrants"), each full FT Warrant entitling the holder to purchase one additional non-flow-through common share of the Company at an exercise price of $0.07 per common share for a period of 24 months from the date of issue. The FT Shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
The Company has also issued 600,000 non flow-through units (the "NFT Units") at a price of $0.03 per NFT Unit, each NFT Unit consisting of one common share and one common share purchase warrant ("NFT Warrant"), each NFT Warrant entitling the holder to purchase one additional common share of the Company at an exercise price of $0.05 per common share for a period of 24 months from the date of issue.
In connection with the Financing the company has paid cash finders' fees totaling $27,195 and issued 777,000 non-transferable broker warrants.
All securities issued pursuant to the Financing will be subject to a four-month and one-day hold period.
The Financing is subject to final approval by the TSX Venture Exchange.
The proceeds raised from the FT Units will be used for drilling on the companies Tillex Copper Project and the Shabaqua Corners Gold Property and will ensure that such Canadian Exploration Expenses qualify as a "flow-through mining expenditure" for purposes of the Income Tax Act (Canada), related to the exploration of the Company's exploration projects.
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).
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