VANCOUVER, BC, May 10, 2021 /CNW/ - Metallis Resources
Inc. (TSXV: MTS) (OTCQB: MTLFF) (FSE: 0CVM) (the "Company"
or "Metallis") announces the closing of the final tranche of its
over-subscribed non-brokered private placement (the "Financing").
Details of the Financing can be found in previous News Releases
dated April 22, 2021 and May 3, 2021.
The second and final tranche raised an additional $399,000 comprised of 753,334 non-flow-through
units at $0.45 per unit and 120,000
flow-through units at $0.50 per unit.
Total proceeds of the two-tranche financing are $3,726,500, consisting of 1,514,445
non-flow-through units at $0.45 for
proceeds of $681,500 and 6,090,000
flow-through units at a price of $0.50 per flow-through unit for proceeds of
$3,045,000.
Each flow-through unit consists of one flow-through common share
and one-half of a non-flow-through, non-transferable share purchase
warrant. Each whole warrant entitles the holder to purchase one
additional common share at a price of $0.70 per share for a 2-year period.
Each non-flow-through unit consists of one common share and
one-half of a non-flow-through, non-transferable share purchase
warrant. Each whole warrant entitles the holder to purchase one
additional common share at a price of $0.65 per share for a 2-year period.
The flow-through shares will qualify as "flow-through shares"
for the purpose of the Income Tax Act (Canada) (the "Act"). The proceeds of the
flow-through private placement will be incurred on "Canadian
exploration expenses" (within the meaning of the Act). The Company
will renounce these expenses to the purchasers with the effective
date no later than December 31, 2021,
and as required under the Act.
The proceeds from the non-flow-through units will be used for
both exploration and general corporate purposes.
The Company paid a total of $13,800 in cash finder's fees and issued 27,600
finder's warrants exercisable at $0.50 per share for two years from the date of
issuance. In the first tranche, Eventus Capital Corp. was paid
$12,000 and received 24,000 finder's
warrants and in the final tranche, Devon Capital Inc. was paid
$1,800 and received 3,600 finder's
warrants.
Shares and warrants issued on closing will be subject to a
trading hold period expiring four months plus one day from the date
of issuance.
About the Kirkham Property
The wholly owned 106 sq. km Kirkham Property is located about 65
km north of Stewart, B.C., in the
heart of the Golden Triangle's prolific Eskay Camp. The Property is prospective for
multiple mineral deposit types and is located along a strategic
geological boundary – the "Red-line" exposed on the western margin
of the Eskay Rift system in the Golden Triangle, northwestern
British Columbia.
The Kirkham Property is contiguous to Garibaldi Resources'
E&L Nickel Mountain Project in the north and Eskay Mining Corp.
to the east. The property is within 12 km of the Eskay Creek
mine while the eastern border is within 15 - 20 km of Seabridge
Gold's KSM deposits and Pretium Resources' Brucejack mine.
About Metallis
Metallis Resources Inc. is a Vancouver-based company focused on the
exploration of gold, copper, nickel, and silver at its 100%-owned
Kirkham Property situated in northwest British Columbia's Golden Triangle.
Metallis trades under the symbols MTS on the TSX Venture Exchange,
MTLFF on the OTCQB Exchange, and 0CVM on the Frankfurt Stock
Exchange. The Company currently has 52,839,878 common shares issued
and outstanding after the closing of the Financing.
On behalf of the Board of Directors:
/s/ "Fiore Aliperti"
Chief Executive Officer, President and Director
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This Press Release may contain statements which constitute
'forward-looking' statements, including statements regarding the
plans, intentions, beliefs and current expectations of the Company,
its directors, or its officers with respect to the future business
activities and operating performance of the Company. The words
"may", "would", "could", "will", "intend", "plan", "anticipate",
"believe", "estimate", "expect" and similar expressions, as they
relate to the Company, or its management, are intended to identify
such forward-looking statements. Investors are cautioned that any
such forward-looking statements are not guarantees of future
business activities or performance and involve risks and
uncertainties, and that the Company's future business activities
may differ materially from those in the forward-looking statements
because of various factors. Such risks, uncertainties and factors
are described in the periodic filings with the Canadian securities'
regulatory authorities, including quarterly and annual Management's
Discussion and Analysis, which may be viewed on SEDAR at
www.sedar.com. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results may vary materially from
those described herein as intended, planned, anticipated, believed,
estimated, or expected.
Although the Company has attempted to identify important risks,
uncertainties and factors which could cause actual results to
differ materially, there may be others that cause results not to be
as intended, planned, anticipated, believed, estimated, or
expected. The Company does not intend, and does not assume any
obligation, to update these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. The TSX-V Stock Exchange has neither approved nor
disapproved the contents of this news release.
SOURCE Metallis Resources Inc.