Northwestern Ontario junior looks to becoming one of Canada’s biggest gold mining companies
Metallica Metals Corp. a Canadian junior mining company listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol “MM” is focused on acquiring and exploring gold-silver and platinum group metal (PGM) properties across Canada.
The Company is currently exploring and developing its Starr gold-silver project, and Sammy Ridgeline and Richview Pine PGM projects, which are all located adjacent to advanced mining projects in the Thunder Bay Mining District of Ontario.
The company announced that it has closed a non-brokered private placement of flow-through units (the “FT Offering”) and non-flow-through units (the “NFT Offering”) (together, the FT Offering and NFT Offering are the “Private Placement”) for combined proceeds of $1,321,435.32 as set out below.
Flow-Through Offering
The Company has issued 3,723,389 units (the “FT Units“) at a price of $0.18 per FT Unit for gross proceeds of $670,210 Each FT Unit consists of one transferable warrant (each a “Warrant”) that is exercisable to purchase one additional common share (each a “Common Share”) at a price of $0.25 for a period of two (2) years from closing. The Flow-Through Shares will qualify as flow-through shares for purposes of the Income Tax Act (Canada).
The gross proceeds of the FT Offering will be used to complete exploration and drilling activities on the Company’s Starr Gold-Silver Project, and Sammy Ridgeline and Richview Pine PGM Projects (collectively, the “Projects”) located in the Thunder Bay Mining District of Ontario, and other Canadian Exploration Expenses that will qualify as “flow through mining expenditures” as defined in subsection 127(9) of the Income Tax Act (Canada).
Non-Flow-Through Offering
The Company has issued 4,341,502 non-flow-through units (the “Units“) at a price of $0.15 per Unit for gross proceeds of up to $651,225.30. Each Unit consists of one common share in the capital of the Company and one transferable Warrant that is exercisable to purchase one additional common share at a price of $0.25 for a period of two (2) years from closing. The proceeds of the NFT Offering will be used to complete exploration and drilling activities on the Company’s Projects and for general corporate purposes.
In connection with the Private Placement, the $6,398.00 in cash, issued a total of 419,440 Units on the same terms as the NFT Units and issued 400,303 finder’s warrants (“Finder’s Warrants”). Each Finder’s Warrant is exercisable to acquire one additional common share at a price of $0.25 per Warrant for a period of two years from issuance.
All securities issued are subject to a statutory four month and one day hold period that will expire on April 22, 2022.
The Company also announced the appointment of Aaron Stone as Chief Executive Officer (“CEO”) of the Company. Mr. Stone will be focused on the Company’s marketing and financing efforts. Mr. Paul Teniere has stepped down as CEO to assume the position of President of the Company and remains a Director of the Company.
Mr. Stone is a Professional Geologist (P.Geo.) and also acts as Vice President, Exploration for other Canadian junior exploration companies. Mr. Stone’s recent focus has turned to gold, having worked at Newmont’s Éléonore mine, Bonterra Resources’ Bachelor mine and Amex Exploration’s Perron project. Prior to this, the bulk of Mr. Stone’s mining experience was in the Australian iron ore industry with BHP in the mineral-rich Pilbara region. Having managed large drilling programs in the past, Mr. Stone brings a solid set of geological and 3D modelling skills in addition to his pragmatic approach to mineral exploration. He holds a Bachelor of Science (Mineral Exploration and Mining Geology) from Curtin University in Perth, Australia.
Aaron Stone, CEO of Metallica Metals commented, “I am very excited to be stepping into the CEO role with Metallica Metals. Since joining the Company in a technical advisory role, I have seen the enormous potential that each of our projects holds. Drilling at our Starr Project has started in terrific fashion, and I look forward to disclosing further drilling results as the drilling program continues into 2022. I also look forward to working with the rest of our highly talented and successful management team, and combined I believe we have what it takes to deliver positive outcomes for Metallica Metals’ shareholders”.
Grant of Stock Options
The Company also announced that, subject to Canadian Securities Exchange approval and in accordance with the Company’s stock option plan, it has granted certain officers and consultants a total of 1,000,000 stock options. Each option is exercisable to purchase one common share of the Company at $0.16 per share for a period of 5 years from the date of issuance.
This is definitely a company to watch for in 2022 as it looks to becoming one of the biggest gold mining companies in Canada with Its flagship asset, the Starr Project, which is host to multiple high-grade gold and silver discoveries that have been identified through trenching, bulk sampling, and diamond drilling. In addition, Metallica is one of the largest landholders in the rapidly advancing Marathon/Thunder Bay North area mining districts where other junior gold mining companies, Generation Mining and Clean Air Metals are advancing their sizable high-grade platinum-palladium +/- copper-nickel-silver-gold projects. Metallica also holds sizable land positions in British Columbia’s Golden Triangle. Metallica is led by a team of seasoned mining industry professionals.
For more info visit their website at https://metallica-metals.com
Tags: Northern Ontario / Investment / Gold / All Articles