Metallis Resources Secures $890,500 Funding for Exploration
Metallis Resources Achieves Successful Financing
Metallis Resources Inc. has recently completed an over-subscribed private placement, closing a significant funding round with total proceeds of $890,500. This financing comes at a vital time as the company gears up for exploration activities on its flagship properties.
Details of the Private Placement
The successful placement saw the issuance of 6,850,000 units, with each unit priced at $0.13. Notably, each unit comprises one common share and one non-transferable share purchase warrant. These warrants provide the holder the option to purchase additional shares at a price of $0.18 over a period of three years. This strategy not only raises funds but also incentivizes investment in Metallis, reinforcing stakeholder confidence.
Utilization of Funds
Funds raised through this financing will primarily support field exploration initiatives at the Kirkham and Greyhound properties. These properties are key assets for Metallis as they target the potential of gold, copper, and silver resources. Investing in exploration is a strategic move aimed at unlocking further value and growth potential for the company.
Regulatory Approval and Compliance
The company has received necessary regulatory approvals from the TSX Venture Exchange for this financing exercise. Additionally, to ensure compliance, all shares issued in connection with this financing are subject to a regulatory trading hold period that extends for four months and one day from the issuance date.
Finder Fees and Incentives
In the scope of the financing, Metallis paid finder fees totaling $9,100. Moreover, the finder was compensated with 70,000 warrants at an exercise price of $0.18 over three years, further aligning interests and facilitating partnership opportunities.
Exploring New Horizons
As a Vancouver-based exploration company, Metallis Resources Inc. focuses on gold, copper, and silver resources in its 100%-owned Kirkham Property located in the northwest's Golden Triangle. Additionally, the Greyhound Property in Idaho stands as a target for silver, gold, and antimony exploration, offering diverse prospects for the company.
Trading publicly, Metallis operates under the ticker symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB Exchange, and 0CVM on the Frankfurt Stock Exchange. This diverse market presence allows the company to attract a wide range of investors and strategically position itself within the mining sector.
About the Leadership
The leadership at Metallis is key to its operational success. Under the direction of CEO Fiore Aliperti, the company continues to push boundaries in its exploration efforts while maintaining a strict focus on delivering shareholder value through disciplined financial management and innovative project development.
Frequently Asked Questions
What is the amount raised by Metallis Resources in this financing?
Metallis Resources has successfully raised $890,500 through its over-subscribed private placement.
What will the funds be used for?
The proceeds from the financing will primarily support field exploration work at the Kirkham and Greyhound properties, as well as general corporate purposes.
How many units were issued during the private placement?
A total of 6,850,000 units were issued at a price of $0.13 each.
What is the exercise price for the share purchase warrants?
The share purchase warrants are exercisable at a price of $0.18 per share for a three-year period.
Which exchanges is Metallis traded on?
Metallis trades under the symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB, and 0CVM on the Frankfurt Stock Exchange.
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