Metals Creek Resources raising $450,000 to advance Shabaqua Project
Metals Creek Resources Corp. intends to complete a non-brokered private placement of flow-through and non flow-through units. The Private placement is expected to close on or before 23 December, 2023.
The Company intends to issue up to 15,000,000 flow-through units at a price of $0.03 per unit (the "FT Units") for aggregate proceeds of up to $450,000. Each FT Unit will consist of one flow-through common share (the "FT Shares") and one non flow-through common share purchase warrant (the "FT Warrants"). Each whole FT Warrant will entitle the holder to purchase one additional non flow-through common share of the Company at an exercise price of $0.06 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 also intends to issue up to 5,000,000 non flow-through units at a price of $0.03 per unit (the "NFT Units") for aggregate proceeds of up to $150,000. Each NFT Unit will consist of one non flow-through common share and one non flow-through common share purchase warrant (the "NFT Warrants"). Each NFT Warrant will entitle the holder to purchase one additional non flow-through 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 private placement, the Company may pay finders' fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange. All securities issued pursuant to the Private Placement will be subject to a four-month hold period. The Private Placement is subject to approval by the TSX Venture Exchange.
The proceeds raised from the FT Units will be used for drilling on the companies Shabaqua Corners Gold Property and the Tillex Copper Project 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.
A Presentation for the Shabaqua Corners Gold Project can be viewed at:
https://www.metalscreek.com/upload/documents/corporate-presentation-shabaqua-corners-002.pdf
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 owns and/or has option agreements in place to acquire a 100% interest in claims in the Shabaqua Corners area of North western Ontario.
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