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Metallic Minerals Corp. Completes $900,000 Private Placement Financing
VANCOUVER, British Columbia, Nov. 21, 2018 (GLOBE NEWSWIRE) -- Metallic Minerals Corp. (TSX-V: MMG; US OTC: MMNGF) (“Metallic Minerals” or the “Company”) announ
About this update from Metallic Minerals Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 21, 2018 (GLOBE NEWSWIRE) -- Metallic Minerals Corp. (TSX-V: MMG; US OTC: MMNGF) (“Metallic Minerals” or the “Company”) announces that it has closed two concurrent, non-brokered private placements resulting in total gross proceeds to the Company of $900,834 through the issuance of 4,039,971 units. Metallic Minerals will issue 3,415,221 non-flow-through units at a price of $0.22 per unit for total gross proceeds of $751,350, where each non-flow-through unit will consist of one common share of the Company and one-half share purchase warrant. The Company will also issue 622,854 flow-through units at a price of $0.24 per unit for gross total proceeds of $149,485, where each flow-through unit will consist of one flow-through common share of the Company and one-half non-flow-through share purchase warrant. Each whole warrant (a “Warrant”) will entitle the holder to acquire one common share of the Company at an exercise price of $0.33 for a period of 36 months following the closing date of the private placement (the “Closing Date”). If, at any time after the Closing Date, the closing price of Metallic Minerals common shares on the TSX Venture Exchange is greater than $0.44 per share for a period of 10 consecutive trading days, the Company may elect to accelerate the expiry date of part or all of the Warrants, at any date that is four months and one day after the Closing Date, by giving notice thereof to the holders of the Warrants. In such case, that portion of the Warrants would be subject to an expiry date that is 30 business days after the date on which such notice is given by the Company. Proceeds of the Metallic Minerals financings will be used on the Company's Keno Silver and McKay Hill projects in Canada’s Yukon Territory, and for general corporate purposes. All securities issued pursuant to the placements will be subject to a hold period of four months and one day from the date of closing. The financings are subject to regulatory approval. \"We are pleased to complete these financings for Metallic Minerals which were undertaken concurrently with independent private placements at the two other companies that make up the Metallic Group of Companies, including Group Ten Metals (TSX-V: PGE) and Granite Creek Copper (TSX-V: GCX.H). In aggregate, the Metallic Group companies anticipate r...