Metals Creek Resources Corp. Closes Financing
Metals Creek Resources Corp. Closes
Financing
Thunder Bay, Ontario--(Newsfile Corp. - September 19, 2024) -
Metals Creek Resources Corp.
(TSXV: MEK) (FSE: M1C1) (the "Company" or Metals Creek)
further to its July 23, 2024 news
release
,
the Company announces that it has closed its non-brokered private placement financing (the
"Financing") for aggregate gross proceeds of $122,000.
The Company has issued 4,500,000 flow-through units at a price of $0.025 per unit (the "FT Units"),
each FT Unit consisting of one flow-through common share (the "FT Shares") and one non-flow-through
common share purchase warrant (the "FT Warrants"), each FT Warrant entitling 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 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 475,000 non-flow-through units, each NFT Unit consisting of one non-
flow-through common share and one non-flow-through common share purchase warrant (the "NFT
Warrants"), 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.
One (1) insider in this first tranche closing, subscribed for $9,500 or 475,000 NFT Units, that portion of
the Financing is a "related party transaction" as such term is defined under MI 61-101 - Protection of
Minority Security Holders in Special Transactions.
The Company relied on exemptions from the formal
valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the
transaction as the fair market value of the transaction, insofar as it involves the interested party, is not
more than 25% of the Company's market capitalization.
All securities issued pursuant to the Financing are subject to a four-month and one-day hold period,
expiring November 18, 2024.
In connection with this first tranche closing, the company paid cash finders' fees of $6,000 and issued
240,000 broker warrants to Accilent Financial Inc.
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). 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.
Metals Creek also has multiple quality projects available for option which can be viewed on the
Company's website. Parties interested in seeking more information about properties available for option
can contact the Company at the number below.
Additional information concerning the Company is contained in documents filed by the Company with
securities regulators, available under its profile at
www.sedarplus.ca
.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Alexander (Sandy) Stares, President and CEO
Metals Creek Resources Corp
telephone: (709)-256-6060
fax: (709)-256-6061
MetalsCreek.com
Twitter.com/MetalsCreekRes
Facebook.com/MetalsCreek
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/223963