Metals Creek Resources Corp. announces Non-Brokered Private Placement

Metals Creek Resources Corp. has announced today that the company has closed a first tranche of a non-brokered private placement of flow-through and non flow-through units (the "Private Placement").

The Company has raised in this first tranche aggregate proceeds of $154,436 by issuing 4,847,866 flow-through units at $0.03 per unit (with each flow-through unit consisting of one flow-through common share and one common share purchase warrant) and 300,000 non flow-through units at $0.03 per unit (with each non flow-through unit consisting of one common share and one common share purchase warrant). The flow-through unit warrants are exercisable for one common share of the Company at an exercise price of $0.06 for a period of 24 months from the date of issuance. The non flow-through unit warrants are exercisable for one common share of the Company at an exercise price of $0.05 for a period of 24 months from the date of issuance. All securities issued pursuant to the Financing are subject to a four-month and one day hold period. Cash finders' fees equal to 6.0% of proceeds raised pursuant to the Private Placement were paid in connection with this financing as well as the issuance of 200,022 finders' warrants (being 6.0% of the number of units placed in the Private Placement), which are each exercisable for one common share of the Company at $0.06 for a period of 24 months from the date of issuance. Two Insiders of the company participated for 520,000 shares.

Closing on a further tranche is expected in early August. 

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.

Tags: Northern Ontario / Investment / Gold / All Articles