Metals Creek Resources Corp. Announces Non-Brokered Private Placement to Advance Tillex Copper Project and Shabaqua Corners Gold Project
Metals Creek Resources Corp. announces a non-brokered private placement to raise a total of $400,000.
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Rhea-AI Summary
Metals Creek Resources Corp. announces a non-brokered private placement to raise a total of $400,000. The company will issue 8,000,000 flow-through units and 8,000,000 non flow-through units at $0.025 per unit. Each flow-through unit includes one common share and one warrant exercisable at $0.06, while each non flow-through unit includes one common share and one warrant exercisable at $0.05. The funds will support drilling at the Tillex Copper Project and Shabaqua Corners Gold Property. The last drilling at Tillex in 2011 yielded significant results, including 85.48 meters of 1.65% copper and 33 g/t silver.
Positive
- Potential to raise $400,000 through private placement.
- Drilling to advance Tillex Copper Project and Shabaqua Corners Gold Property.
- Previous drilling at Tillex showed promising results: 85.48 meters of 1.65% copper and 33 g/t silver.
Negative
- Securities subject to a four-month hold period.
- Private placement contingent on TSX Venture Exchange approval.
Details
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Thunder Bay, Ontario--(Newsfile Corp. - June 18, 2024) - Metals Creek Resources Corp. (TSXV: MEK) (FSE: M1C1) (the "Company" or Metals Creek) announces that it intends to complete a non-brokered private placement of flow-through and non flow-through units (the "Private Placement"). The Private placement is expected to close on or before 31 July 2024.
The Company intends to issue up to 8,000,000 flow-through units at a price of
The Company also intends to issue up to 8,000,000 non flow-through units at a price of
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 drilling on the Company's Tillex Copper Project and the Shabaqua Corners 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.
Drilling was last performed at the Tillex Copper Project in 2011 where the last hole drilled intercepted 85.48 meters (m) of
Metals Creek Tillex Copper Drilling
| Hole | From | To | Meters | Cu % | Ag g/t |
| TX08-002 | 30.95 | 128.00 | 97.05 | 1.19 | NA |
| Incl | 30.95 | 68.00 | 37.05 | 2.58 | NA |
| TX08-003 | 36.10 | 41.00 | 4.90 | 0.62 | NA |
| and | 50.63 | 73.50 | 22.87 | 1.05 | NA |
| Incl | 54.00 | 62.30 | 8.30 | 2.36 | NA |
| TX08-004 | 42.00 | 123.13 | 81.13 | 1.83 | NA |
| Incl | 53.00 | 80.00 | 27.00 | 2.73 | NA |
| TX08-005 | 51.51 | 123.00 | 71.49 | 1.29 | NA |
| Incl | 73.66 | 107.95 | 34.29 | 2.16 | NA |
| TX08-006 | 39.84 | 93.03 | 53.19 | 0.66 | NA |
| Incl | 64.00 | 85.00 | 21.00 | 1.06 | NA |
| TX08-007 | 110.43 | 124.80 | 14.37 | 0.87 | NA |
| Incl | 110.43 | 117.30 | 6.87 | 1.27 | NA |
| TX08-008 | 48.00 | 90.00 | 42.00 | 1.40 | NA |
| Incl | 48.00 | 71.00 | 23.00 | 2.14 | NA |
| TX08-010 | 46.70 | 68.30 | 21.60 | 0.83 | NA |
| TX08-015 | 41.20 | 49.00 | 7.80 | 0.66 | NA |
| and | 100.00 | 114.00 | 14.00 | 1.11 | NA |
| TX11-01 | 40.70 | 107.00 | 66.30 | 1.43 | 6.78 |
| Incl | 87.20 | 102.00 | 14.80 | 2.95 | 14.99 |
| TX11-002 | 39.30 | 82.50 | 43.20 | 1.27 | 5.45 |
| TX11-003 | 86.84 | 96.88 | 10.04 | 1.39 | 8.97 |
| TX11-004 | 55.10 | 60.00 | 4.90 | 1.20 | 6.81 |
| TX11-005 | 41.64 | 83.00 | 41.36 | 0.45 | 5.44 |
| TX11-006 | 48.00 | 81.00 | 33.00 | 0.86 | 9.36 |
| incl | 48.00 | 57.50 | 9.50 | 2.06 | 6.35 |
| and incl | 73.53 | 79.35 | 5.82 | 0.30 | 20.19 |
| TX11-008 | 54.77 | 140.25 | 85.48 | 1.65 | 33.23 |
| Incl | 89.00 | 94.00 | 5.00 | 5.55 | 355.29 |
Table 1
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
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
telephone: (709)-256-6060
fax: (709)-256-6061
MetalsCreek.com
Twitter.com/MetalsCreekRes
Facebook.com/MetalsCreek
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/213514
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