Metallis Closes $1.85 Million Financing
Metallis Closes $1.85 Million Financing
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
VANCOUVER
,
Oct. 16, 2019
/CNW/ -
Metallis Resources Inc.
(TSX-V: MTS, OTCQB: MTLFF)
(the "Company" or "Metallis") is pleased to announce that further to its news release dated
September 24, 2019
, the Company has closed its non-brokered flow-through private placement for
total proceeds of
$1,855,601
, including an initial tranche of 1,140,000 shares for proceeds of
$1,003,200
which closed, as previously announced, on
September 24, 2019
.
Under this private placement, the Company has issued a total of 2,108,638 flow-through common
shares at a price of
$0.88
per share. The shares will qualify as "flow-through shares" for the
purposes of the Income Tax Act (
Canada
) (the "Act"). The Proceeds of the flow-through private
placement will be used to incur "Canadian exploration expense" (within the meaning of the Act). The
Company will renounce these expenses to the purchasers with an effective date of no later than
December 31, 2019
, and as required under the Act.
No finders' fees and/or agents' fees were paid. The shares issued on closing will be subject to a
trading hold period expiring four months plus one day from the date of issue.
Fiore Aliperti
, Metallis' President and CEO states: "The closing of this financing highlights the
confidence our investors have in both the Kirkham Property and the company. The geological team
continues to work tirelessly to deliver and exceed on our exploration targets set out at the beginning
of the season. This financing allows the Company to utilize flow-through dollars for the remainder of
the season and provides significant funding for the 2020 exploration season as well."
Mr. Aliperti added "At this stage of the drilling program we have exceeded our goal of 4,000 meters
and we continue to drill at the Kirkham Property. Our target is to complete 5,000 meters and a total
of 12 drill holes, before inclement weather conditions force the program to end."
About the Kirkham Property
The 106 sq. km Kirkham Property totals 10,610 Hectares and is located about 65 km north of
Stewart, B.C.
, in the heart of the Golden Triangle's prolific
Eskay Camp
. The northern border of
Kirkham is contiguous to Garibaldi Resources' E&L Nickel Mountain Project. The northeast corner of
Kirkham is within 12 km of the Eskay Creek mine while the eastern border is within 15 - 20 km of
Seabridge Gold's KSM deposits and Pretium Resources' Brucejack mine.
About Metallis
Metallis Resources Inc. is a
Vancouver
-based company focused on the exploration of gold, copper,
nickel and silver at its 100%-owned Kirkham Property situated in northwest
British Columbia's
Golden Triangle. Metallis currently has 36,155,767 shares issued and outstanding, including this
private placement.
On behalf of the Board of Directors:
/s/ "Fiore Aliperti"
Chief Executive Officer, President and Director
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This Press Release may contain statements which constitute 'forward-looking' statements, including
statements regarding the plans, intentions, beliefs and current expectations of the Company, its
directors, or its officers with respect to the future business activities and operating performance of
the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe",
"estimate", "expect" and similar expressions, as they relate to the Company, or its management, are
intended to identify such forward-looking statements. Investors are cautioned that any such forward-
looking statements are not guarantees of future business activities or performance and involve risks
and uncertainties, and that the Company's future business activities may differ materially from those
in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors
are described in the periodic filings with the Canadian securities' regulatory authorities, including
quarterly and annual Management's Discussion and Analysis, which may be viewed on SEDAR at
www.sedar
.com. Should one or more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking statements prove incorrect, actual results may vary
materially from those described herein as intended, planned, anticipated, believed, estimated or
expected. Although the Company has attempted to identify important risks, uncertainties and factors
which could cause actual results to differ materially, there may be others that cause results not to be
as intended, planned, anticipated, believed, estimated or expected. The Company does not intend,
and does not assume any obligation, to update these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release. The TSX-V Stock Exchange has neither approved nor disapproved the contents of this
news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in
the United States
. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within
the United States
or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an exemption from such
registration is available.
SOURCE
Metallis Resources Inc.
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For further information:
Tel: 604-688-5077, Email: [email protected], Web:
www.metallisresources.com
CO: Metallis Resources Inc.
CNW 09:00e 16-OCT-19