Metalsource Mining Closes Private Placement
Rhea-AI Summary
Metalsource Mining (SFRIF) closed a non‑brokered private placement on Dec 31, 2025 raising $1,020,000 by issuing 3,400,000 units at $0.30 per unit. Each unit includes one common share and one‑half warrant; each whole warrant is exercisable at $0.40 until Dec 31, 2027.
Investor Eric Sprott, through 2176423 Ontario Ltd., purchased all Units and increased his holdings to 10,900,000 shares and 5,450,000 warrants, representing ~17.5% non‑diluted and ~24.1% partially‑diluted ownership. Proceeds will fund exploration at Silver Hill and Byrd‑Pilot
Positive
- $1.02M capital raised via private placement
- All 3.4M units subscribed, boosting liquidity
- Increased anchor investor stake to 17.5% non‑diluted
- Proceeds earmarked for Silver Hill expansion
Negative
- Potential shareholder dilution from 1.7M warrants exercisable at $0.40
- Single investor concentration: 24.1% partially‑diluted holding
News Market Reaction
On the day this news was published, SFRIF gained 25.00%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - January 2, 2026) - METALSOURCE MINING INC. (CSE: MSM) (the "Company" or "Metalsource") is pleased to announce that, further to its news release dated December 24, 2025, it closed the non-brokered private placement for total gross proceeds of
The Company has allotted and issued 3,400,000 units (the "Units") at a price of
Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 3,400,000 Units pursuant to the Offering for total consideration of
As a result of the Offering, Mr. Sprott now beneficially owns or controls 10,900,000 Shares and 5,450,000 Warrants, representing approximately
The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
A copy of the early warning report with respect to the foregoing will appear on Metalsource Mining's profile on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto Ontario M5C 3C5).
The Company intends to use the proceeds of the Offering to advance exploration at the Silver Hill and Byrd-Pilot projects in North Carolina, with a primary focus on expanding Silver Hill's silver potential, to continue work on the Company's Aruba manganese project in Botswana, and for general working capital.
About Metalsource Mining Inc.
The Company is engaged in acquisition, exploration and development of mineral property assets. The Company's objective is to locate and develop economic precious and base metal properties of merit and to conduct its exploration program on the Aruba Property. The Aruba Property is located in the Kalahari Desert region of Botswana, covering 4,663 square kilometers in an area prospective for platinum group metals, gold, silver, and manganese mineralization.
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/279371
FAQ
How much did Metalsource Mining (SFRIF) raise in the Dec 31, 2025 private placement?
What are the warrant terms issued in Metalsource Mining's (SFRIF) private placement?
How did the private placement change Eric Sprott's ownership in Metalsource Mining (SFRIF)?
What will Metalsource Mining (SFRIF) use the $1.02M proceeds for?
Will Metalsource Mining (SFRIF) face dilution from the new securities?
