Metals Creek Received Conditional Approval for $400,000 Private Placement Financing

Rhea-AI Summary

Metals Creek Resources (TSXV: MEK) has received conditional approval from TSX Venture Exchange for a $400,000 private placement financing. The financing consists of up to 10 million flow-through units and 10 million non-flow-through units, both priced at $0.02 per unit.

The company has already closed a first tranche, raising $60,000 through 3 million flow-through units. The balance is expected to close by June 30, 2025. Proceeds from FT units will fund exploration activities in Newfoundland and Ontario properties, including the Ogden project.

Positive

• Secured conditional approval for $400,000 financing
• Successfully closed first tranche of $60,000
• Proceeds will fund exploration activities in multiple properties

Negative

• Significant dilution potential with up to 20 million new units being issued
• Low unit price of $0.02 indicates potential financial strain

Thunder Bay, Ontario--(Newsfile Corp. - June 24, 2025) - Metals Creek Resources Corp. (TSXV: MEK) (FSE: M1C1) (the "Company" or Metals Creek) is pleased to announce that, further to its May 27, 2025 news release, it has received Conditional Approval from the TSX Venture Exchange (the "Exchange") for its private placement financing (the "Financing") of flow-through and non-flow-through units, for aggregate gross proceeds of up to $400,000.

The Financing consists of up to 10,000,000 flow-through units (the "FT Units"), each FT Unit consisting of 1 flow-through common share at a price of $0.02 and one half (1/2) of a common share purchase warrants, each full warrant being exercisable at $0.05 for 3 years from the date of issue, and up to 10,000,000 non-flow-through units (the "NFT Units"), each NFT Unit consisting of one flow-through common share at a price of $0.02 and one common share purchase warrants, each warrant being exercisable at $0.05 for 3 years from the date of issue.

The Company has now closed a first-tranche of the Financing, issuing 3,000,000 flow-through units ("FT Units"), for aggregate gross proceeds of $60,000. The Company anticipates the balance of the Financing closing on or before June 30, 2025.

In connection with the private placement, the company may pay finders' fees in cash or securities, or a combination of both, as permitted by the policies of the TSX Venture Exchange. All securities issued pursuant to the private placement will be subject to a four-month hold period. The private placement is subject to approval by the TSX Venture Exchange.

The proceeds raised from the FT units will be used for exploration on the company's Newfoundland and Ontario properties, including target generation through prospecting on the company's Ogden project, and the company will ensure that such Canadian exploration expenses qualify as a flow-through mining expenditure for purposes of the Income Tax Act (Canada).

About Metals Creek Resources Corp.

Metals Creek Resources Corp. is a junior exploration company incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the Exchange under the symbol "MEK". Metals Creek has earned a 50% interest in the Ogden Gold Property from Newmont Corporation, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has an 8 km strike length of the prolific Porcupine-Destor Fault (P-DF).

Metals Creek also has multiple quality projects available for option which can be viewed on the Company's website. Parties interested in seeking more information about properties available for option can contact the Company at the number below.

Additional information concerning the Company is contained in documents filed by the Company with securities regulators, available under its profile at www.sedarplus.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Alexander (Sandy) Stares, President and CEO
Metals Creek Resources Corp
709-424-1141
MetalsCreek.com
Twitter.com/MetalsCreekRes
Facebook.com/MetalsCreek

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/256731

FAQ

What is the size and structure of Metals Creek Resources' (TSXV: MEK) private placement financing?

The financing consists of up to $400,000 through 10 million flow-through units and 10 million non-flow-through units, both priced at $0.02 per unit.

How much has Metals Creek Resources raised in the first tranche of financing?

Metals Creek has raised $60,000 through issuing 3 million flow-through units in the first tranche.

When will Metals Creek Resources complete the remaining financing?

The company expects to close the balance of the financing on or before June 30, 2025.

How will Metals Creek Resources use the proceeds from the flow-through units?

The proceeds will fund exploration activities on the company's Newfoundland and Ontario properties, including target generation through prospecting on the Ogden project.

What are the warrant terms in Metals Creek Resources' private placement?

Flow-through units include half a warrant, while non-flow-through units include a full warrant. Each full warrant is exercisable at $0.05 for 3 years from the issue date.