Metalsource Mining Closes $6 Million Private Placement

Rhea-AI Summary

Metalsource Mining (OTCQB: SFRIF) closed a non-brokered private placement on March 6, 2026, raising $5,999,998.50 by issuing 7,999,998 Units at $0.75 each.

Each Unit includes one common share and one-half warrant; each whole warrant exercisable at $1.00 for three years. Proceeds will fund exploration at Silver Hill and Byrd-Pilot in North Carolina and general working capital. Units are subject to a four-month plus one day hold period. Eric Sprott purchased 1,333,333 Units for $1,000,000.

Positive

• Gross proceeds of $5,999,998.50
• Proceeds earmarked to advance Silver Hill and Byrd-Pilot exploration
• Anchor investor participation: Eric Sprott invested $1,000,000

Negative

• Issuance of 7,999,998 Units causes immediate share dilution
• Outstanding warrants exercisable at $1.00 could dilute equity if exercised
• Units subject to a four-month plus one day hold period

Vancouver, British Columbia--(Newsfile Corp. - March 6, 2026) - METALSOURCE MINING INC. (CSE: MSM) (OTCQB: SFRIF) (FSE: E9Z) (the "Company" or "Metalsource") is pleased to announce that, further to its news releases dated February 10, 2026, it has closed the non-brokered private placement for total gross proceeds of $5,999,998.50 (the "Offering").

The Company has allotted and issued 7,999,998 units (the "Units") at a price of $0.75 per Unit. Each unit consists of one common share of the Company (the "Shares") and one-half of one transferable share purchase warrant (each whole, a "Warrant"), with each Warrant entitling the holder to acquire one additional common share at an exercise price of $1.00 for a period of three (3) years from the closing date.

The Units issued pursuant to the Offering are subject to a four-month and one day hold period from the date of issuance under applicable Canadian securities laws. No finder's fees were paid in connection with the Offering.

Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 1,333,333 Units pursuant to the Offering for total consideration of $1,000,000.

The Company intends to use the proceeds of the Offering to advance exploration at the Silver Hill and Byrd-Pilot projects in North Carolina, and for general working capital.

About Metalsource Mining Inc.

Metalsource Mining Inc. is a Canadian mineral exploration company focused on advancing high-potential mineral assets through modern, systematic exploration and value-driven discovery.

For more information, please refer to SEDAR+ (www.sedarplus.ca), under the Company's profile.

ON BEHALF OF THE BOARD OF DIRECTORS

Joseph Cullen, Chief Executive Officer and Director

For more information, please contact:
Mr. Joseph Cullen
Phone: 778-919-8615
Email: jpacullen@gmail.com
Website: https://www.metalsourcemining.com

Cautionary Note About Forward-Looking Statements
This news release may include forward-looking statements that are subject to risks and uncertainties. By its nature, this information is subject to ‎‎inherent risks and ‎‎uncertainties that may be general or specific and which give rise to the possibility that ‎‎expectations, ‎‎forecasts, predictions, projections, or conclusions will not prove to be accurate, that ‎‎assumptions may not ‎‎be correct, and that objectives, strategic goals and priorities will not be achieved. ‎‎These risks and ‎‎uncertainties include but are not limited those identified and reported in the Company's ‎‎public filings ‎‎under the Company's SEDAR+ profile at www.sedarplus.ca. Although the Company has ‎‎attempted to identify ‎‎important factors that could cause actual actions, events, or results to differ ‎‎materially from those ‎‎described in forward-looking information, there may be other factors that cause ‎‎actions, events or ‎‎results not to be as anticipated, estimated or intended. There can be no assurance that ‎‎such information ‎‎will prove to be accurate as actual results and future events could differ materially from ‎‎those ‎‎anticipated in such statements. The Company disclaims any intention or obligation to update or ‎‎revise any ‎‎forward-looking information, whether as a result of new information, future events or ‎‎otherwise unless ‎‎required by law.‎

Neither the CSE nor the Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/286448

FAQ

What did Metalsource Mining (SFRIF) announce on March 6, 2026?

Metalsource closed a non-brokered private placement raising $5,999,998.50. According to the company, it issued 7,999,998 Units at $0.75 each, each Unit including one share and one-half warrant, with warrants exercisable at $1.00 for three years.

How does Metalsource (SFRIF) plan to use the $6.0 million raised?

The company will use proceeds to advance exploration at Silver Hill and Byrd-Pilot and for working capital. According to the company, funds are intended to support on-the-ground exploration activities in North Carolina and general corporate needs.

What are the warrant terms in the Metalsource (SFRIF) private placement?

Each Unit includes one-half of a warrant; each whole warrant is exercisable at $1.00 for three years. According to the company, warrants allow holders to acquire additional common shares through March 2029 at the stated exercise price.

How many Units did Eric Sprott buy in the Metalsource (SFRIF) offering?

Eric Sprott, via 2176423 Ontario Ltd., acquired 1,333,333 Units for $1,000,000. According to the company, this purchase was part of the offering and represents a material investor participation in the financing round.

What immediate shareholder effects should SFRIF investors expect from the placement?

Investors should expect immediate dilution from issuance of 7,999,998 Units and potential further dilution if warrants are exercised. According to the company, issued Units are also subject to a four-month plus one day hold period restricting resale.