Toronto, Ontario--(Newsfile Corp. - November 23, 2017) - Metals Creek Resources Corp. (TSXV: MEK) (the "Company") is pleased to announce that, further to a new release dated October 23, 2017, it has closed the final tranche of its previously announced non-brokered private placement (the "Placement") for gross proceeds of $106,000, consisting entirely of 1,766,666 non flow-through units at a price of $0.06 per unit. Together with the first tranche closed on October 23, 2017, and the second tranche closed October 24, 2017, the Company has issued an aggregate of 8,666,666 non flow-through units for gross proceeds of $520,000, and an aggregate of 2,650,000 flow-through units for gross proceeds of $212,000, for a total of $732,000. The Placement is subject to the final acceptance of the TSX Venture Exchange.
Each flow-through unit under the Placement consists of one flow-through common share and one half warrant. Each full warrant will entitle the holder to purchase one additional non flow-through common share of the Company at an exercise price of $0.12 during the 36 months from the closing date.
Each non flow-through unit under the Placement consists of one non flow-through common share and one whole warrant. Each warrant will entitle the holder to purchase one additional non flow-through common share of the Company at an exercise price of $0.12 during the 36 months from the closing date.
All securities issued in the Placement are subject to a four month hold period. In connection with the final tranche closing of the Placement, the Company issued 116,666 finders warrants having the same terms as the warrants issued under the Placement and paid finders fees and other commission equal to $7,000. Together with the first tranche closed on October 23, 2017, and the second tranche closed on October 24, 2017, the Company has issued an aggregate of 583,916 finders warrants and paid aggregate finders fees and other commission equal to $36,120 in connection with the Placement.
The proceeds raised from the FT Units will be used for approximately 4,000 meters of diamond drilling on the Ogden Gold Project in Timmins Ontario and other Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)), with the Company using its best efforts to 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 TSX Venture Exchange (the "Exchange") under the symbol "MEK". Metals Creek has earned a 50% interest in the Ogden Gold Property, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has a 8 km strike length of the prolific Porcupine-Destor Fault (P-DF) that stretches between Timmins, Ontario and Val d'Or, Quebec. The company has also entered into an Option/JV with Trifecta Gold Ltd. on Metals Creek's Squid properties in Yukon. Metals Creek also optioned Metals Creeks/Benton's Staghorn Gold Project in Newfoundland to Quadro Resources, as well as two option agreements with Anaconda Mining Inc. on Metals Creek's Jacksons Arm and Tilt Cove Properties also in Newfoundland. In addition Metals Creek has recently entered into an option/joint venture with Sokoman Iron on MEK's Clarkes Brook project in central Newfoundland. The company is engaged in the identification, acquisition, exploration and development of other mineral resource properties, and presently has mining interests in Ontario, Yukon and Newfoundland and Labrador. Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under its profile at www.sedar.com.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Alexander (Sandy) Stares, President and CEO
Metals Creek Resources Corp
email: [email protected]
This post first appeared on Newsfile Corp News Releases, please read the originial post: here