Business
Metals Creek Resources Corp. Closes First Tranche of Flow-Through Private Placement Financing
Thunder Bay Ontario--(Newsfile Corp. - July 23, 2024) - Metals Creek Resources Corp. (TSXV: MEK)...
About this update from Metals Creek Resources Corp.
[{"type":"text","content":"\nMetals Creek Resources Corp. Closes First Tranche of Flow-Through Private Placement FinancingThunder Bay Ontario--(Newsfile Corp. - July 23, 2024) - Metals Creek Resources Corp. (TSXV: MEK) (FSE: M1C1) (the \"Company\" or Metals Creek) further to its June 17, 2024 and July 10, 2024 news releases, the Company announces that it has received Conditional Approval from the TSX Venture Exchange for its non-brokered private placement financing (the \"Financing\") and has closed the first tranche of the Financing for aggregate gross proceeds in this first tranche of $122,000.The Company has issued 4,500,000 flow-through units at a price of $0.025 per unit (the \"FT Units\"), each FT Unit consisting of one flow-through common share (the \"FT Shares\") and one non-flow-through common share purchase warrant (the \"FT Warrants\"), each FT Warrant entitling the holder to purchase one additional non-flow-through common share of the Company at an exercise price of $0.06 per common share for a period of 24 months from the date of issue. The FT Shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).The Company has also issued 475,000 non-flow-through units, each NFT Unit consisting of one non-flow-through common share and one non-flow-through common share purchase warrant (the \"NFT Warrants\"), each NFT Warrant entitling the holder to purchase one additional common share of the Company at an exercise price of $0.05 per common share for a period of 24 months from the date of issue.There is one (1) insider in this first tranche closing, subscribing for $9,500 or 475,000 NFT Units, that portion of the Financing is a \"related party transaction\" as such term is defined under MI 61-101 - Protection of Minority Security Holders in Special Transactions. The Company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company's market capitalization. All securities issued pursuant to the Financing will be subject to a four-month and one-day hold period.In connection with this first tranche closing, the company has paid cash finders...