Metallic Minerals Completes Strategic Equity Investment by Newcrest Mining

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[{"type":"text","content":"Metallic Minerals Completes Strategic Equity Investment by Newcrest MiningVANCOUVER, BC / ACCESSWIRE / May 18, 2023 / Metallic Minerals Corp. (TSXV:MMG)(OTCQB:MMNGF) (\"Metallic Minerals\" or \"the Company\") is pleased to announce the completion of a 9.5% strategic equity investment by a wholly-owned subsidiary of Newcrest Mining Limited (\"Newcrest\"). Pursuant to the placement, Metallic Minerals issued 15,838,593 units at a price of $0.40 per unit for gross proceeds of approximately $6.3 million.Each unit was comprised of one common share and 0.75 of a common share purchase warrant. Each full warrant entitles Newcrest to purchase one additional common share for $0.55, providing approximately $6.5 million in additional funding if the warrants are exercised in full. The warrants are exercisable for three years, subject to early acceleration if Metallic Minerals' common shares trade for 20 consecutive trading days at or above $0.825 on the TSX Venture Exchange. All securities issued pursuant to the placement are subject to a hold period of four months and one day.Metallic Minerals CEO and Chairman, Greg Johnson, stated, \"We are pleased to welcome Newcrest as a cornerstone shareholder and look forward to collaborating with their technical team to advance the La Plata project. Preparations are underway for a first phase resource expansion drill campaign targeted to start in June focused on extending the high-grade copper and precious metals mineralization announced in February of this year.\"Proceeds from the placement are intended to advance exploration on, and for acquisitions related to, Metallic Minerals' La Plata mining project located in Colorado, USA and for working capital and general corporate purposes. Metallic Minerals and Newcrest will establish a technical committee that will act in a non-binding advisory capacity to the board of directors, providing management access to Newcrest's substantial technical expertise in similar mining operations.In connection with the placement, the parties entered into an investor rights agreement pursuant to which Newcrest is entitled to certain rights provided it meets and maintains certain minimum ownership requirements, including rights to: (i) participate in future equity offerings and other security issuances to maintain minimum ownership levels; (ii) a right of first refusal on t...

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