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Metals Creek Resources Corp. Closes First Tranche of Flow-Through Private Placement Financing - Secures Drill for Next Phase of Tillex Copper Project Drilling
Thunder Bay, Ontario--(Newsfile Corp. - November 18, 2024) - Metals Creek Resources Corp. (...
About this update from Metals Creek Resources Corp.
[{"type":"text","content":"Metals Creek Resources Corp. Closes First Tranche of Flow-Through Private Placement Financing - Secures Drill for Next Phase of Tillex Copper Project DrillingThunder Bay, Ontario--(Newsfile Corp. - November 18, 2024) - Metals Creek Resources Corp. (TSXV: ME) (FSE: M1C1) (the \"Company\" or Metals Creek) further to its November 5, 2024 news release, 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 $303,500.The Company has issued 8,671,430 flow-through units at a price of $0.035 per unit (the \"FT Units\"), each FT Unit consisting of one flow-through common share (the \"FT Shares\") and one half of a non-flow-through common share purchase warrant (the \"FT Warrants\"), each full FT Warrant entitling the holder to purchase one additional non-flow-through common share of the Company at an exercise price of $0.07 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).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' fees of $21,245 and issued 607,000 non-transferable broker warrants.The Financing is subject to final approval by the TSX Venture Exchange.The proceeds raised from the FT Units will be used for exploration on the companies Tillex Copper Project, the Yellow Fox/Careless Cove/ Clarks Brook Antimony-Gold Property and the Ogden Gold Property and will 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.Metals Creek is also pleased to announce that a diamond drill has been secured for an upcoming diamond drill program on the Tillex Copper Project. The 85 per cent owned Tillex Copper Project is located in Currie Township, 65 km east of Timmins, Ontario.This program will further define Tillex mineralization within areas of limited drilling as wel...