Metalsource Mining Closes Private Placement
Suite 700-838 West Hastings Street
Vancouver, BC Canada V6C 0A6
NEWS RELEASE
METALSOURCE MINING CLOSES PRIVATE PLACEMENT
VANCOUVER, BRITISH COLUMBIA, November 22, 2024 – METALSOURCE MINING INC. (the
“Company” or " Metalsource") (CSE: “ MSM”) is pleased to announce that, further to its news
release dated October 31, 2024, it has closed the first tranche of its non- brokered private
placement for total gross proceeds of $750,000 (the “ Offering”) whereby Eric Sprott is the lead
order on the Offering, subscribing for 2,500,000 Units totaling $500,000. The Company expects
to close the second and final tranche in the near term.
The Company has allotted and issued 3,750,000 units (the “ Units”) at a price of $0.20 per
Unit. Each unit consists of one common share of the Company and one-half of one transferable
share purchase warrant (each whole, a “ Warrant”), with each Warrant entitling the holder to
acquire one additional common share at an exercise price of $0.30 for a period of 24 months from
the closing date.
Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him,
acquired 2,500,000 Units for $0.20 per Unit or a total consideration of $500,000. Prior to the
Private Placement, Mr. Sprott did not beneficially own or control any Shares of the Company.
Following the completion of the Private Placement, Mr. Sprott beneficially owns and controls
2,500,000 Shares and 1,250,000 Warrants representing approximately 7.3% of the outstanding
Shares on a non -diluted basis and 10.6% on a partially-diluted basis assuming the exercise of
such Warrants.
The Units were acquired by Sprott for investment purposes. Mr. Sprott has a long- term view of
the investment and may acquire additional securities of the Company including on the open
market or through private acquisitions or sell securities of the Company including on the open
market or through private dispositions in the future depending on market conditions, reformulation
of plans and/or other relevant factors.
A copy of Sprott's early warning report will appear on Metalsource Mining’s profile on SEDAR+
and may also be obtained by calling Mr. Sprott’s office at (416) 945 -3294 (1106-7 King Street
East, Toronto, ON, M5C 3C5).
The Company intends to use the proceeds raised from the Offering for working capital purposes
and to proceed with a work program on their property, “The Aruba Project”, in Botswana.
In connection with the Offering, the Company has paid finder’s fees of $36,750 and issued an
aggregate of 183,750 non- transferable broker warrants (the “ Broker Warrants”) to an arm’s -
length party, with each Broker Warrant bearing the same terms as the Warrants.
All securities issued under the Offering are subject to a hold period of four months and one day
expiring on March 23, 2025.
About Metalsource Mining Inc.
The Company is engaged in the exploration and development of its mineral property assets in
Botswana. The Company’s objective is to locate and develop economic, precious and base metal
properties of merit and to conduct its exploration program on its Aruba property
Aruba Project
The western part of the Aruba Project is underlain by the highly prospective Transvaal Super
Group, specifically the Kayne Basin. The (Lower) Transvaal Supergroup, which includes the
Kanye Basin in Botswana and the Transvaal and Griqualand West Basins of South Africa, hosts
iron and manganese mineralization. Manganese precipitation occurs at the intersections of
horizontal oxidation-reduction interfaces with shallow marine substrates within shallow marine
embayments. Major deposits usually form close to the basin margin and are often less than
100 m above the basement, typically hosted in a sedimentary package, which can include
quartzite, siltstone, or shale. This style of mineralization is typically flat lying, stratiform and
stratabound mineralization that can be quite laterally extensive in a lot of cases. The Kalahari
overlying younger cover has limited exploration efforts to date.
Transvaal Supergroup
The Transvaal Supergroup hosts some of the world’s most significant manganese deposits,
especially within the Kalahari Manganese Field (KMF) in northern South Africa. South Africa
currently contributes 32% of annual manganese to the world. The manganese deposits in the
Transvaal Supergroup are some of the richest and largest globally.
Global Manganese Market
Current global manganese demand continues to rise, with demand in lithium-ion battery
production as a particular source of increased uptake. This demand is driven by electric vehicles
and the changing battery chemistry with manganese being substituted for cobalt. Allied to this,
unfavorable conditions arising from restrictive governmental policies in many mining jurisdictions
has seen global supply curtailed. This ideally positions Metalsource Mining, which holds
licenses containing highly prospective and untested manganese targets in one of the worlds
highest rated mining jurisdictions
Qualified Person
This news release has been reviewed and approved by Rory Kutluoglu, B.Sc, P.Geo, a
“Qualified Person” as defined under NI 43-101 – Standards for of Disclosure for Mineral
Projects.
ON BEHALF OF THE BOARD OF DIRECTORS
“Joseph Cullen”
Joseph Cullen,
President, Chief Executive Officer and Director
For further information, please contact:
Mr. Joseph Cullen
Phone: 778-919-8615
Email: [email protected]
Website: https://www.metalsourcemining.com/
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED
OF THE CONTENT OF THIS PRESS RELEASE
Cautionary Note About Forward-Looking Statements
Certain of the information contained in this news release may constitute ‘forward-looking statements' within
the meaning of applicable securities laws. Such forward-looking statements involve risks, uncertainties and
other factors which may cause the actual results to be materially different from those expressed or implied
by such forward- looking statements. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward- looking statements. The
Company does not undertake to update any forward- looking statements, except in accordance with
applicable securities laws.