Business
Metalite Announces Upsizing of Private Placement to up to $700,000
Toronto, Ontario--(Newsfile Corp. - February 4, 2026) - Metalite Resources Inc. (CSE: METL) (OTC Pink: JNCCF) (FSE: D68) ("Metalite" or the "Company") is pleased to announce that due to strong investor demand, the Company is upsizing its previously announced (see the Company's press release dated January 20, 2025) non-brokered private placement of units of the Company (the "Units") at a price of $0.15 per Unit (the "Private Placement") from total gross proceeds of up to $465,000 to total gross..
About this update from Metalite Resources Inc
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - February 4, 2026) - Metalite Resources Inc. (CSE: METL) (OTC Pink: JNCCF) (FSE: D68) ("Metalite" or the "Company") is pleased to announce that due to strong investor demand, the Company is upsizing its previously announced (see the Company's press release dated January 20, 2025) non-brokered private placement of units of the Company (the "Units") at a price of $0.15 per Unit (the "Private Placement") from total gross proceeds of up to $465,000 to total gross proceeds of up to $700,000, or such other lesser or greater amount as the Company may determine.","length":639,"tagName":"p"},{"type":"text","content":"Concurrent with the closing of the Private Placement, the Company also intends to close its previously announced (see the Company's press release dated January 20, 2025) debt settlement transaction (the "Debt Settlement") through the issuance of a total of 2,352,277 common shares in the capital of the Company (a "Common Share"). The Common Shares issued pursuant to the Debt Settlement will be issued, at a deemed price of $0.15 per Common Share, in order to satisfy $352,842 of indebtedness owing to senior management, former professional service providers, and financial advisors assisting in the evaluation of strategic opportunities.","length":663,"tagName":"p"},{"type":"text","content":"The Private Placement and Debt Settlement are expected to close on or about February 9, 2026.","length":93,"tagName":"p"},{"type":"text","content":"Each Unit sold in the Private Placement will be comprised of one Common Share and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share, at any time on or before the two-year anniversary from the date of issuance (subject to acceleration) (the "Expiry Date") at a price of $0.25 (the "Warrant Exercise Price"). If the closing price of the Common Shares on the exchange on which the Common Shares are listed is at or above $0.50 per Common Share for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry date of all or part of the then outstanding Warrants. If the Company elects to exercise this right, it may provide written n...