MTB Metals Corp. (TSX-V: MTB) (OTCQB: MBYMF) (FSE: E8H) is pleased to announce that the Company has closed the first tranche of the non-brokered private placements for Flow Through and Non-Flow Through Units, as announced on May 4^th. The funds will be used primarily for exploration on Mountain Boy’s Telegraph property in the Golden Triangle of British Columbia.

Lawrence Roulston, CEO, stated: “These new funds, added to the existing working capital, puts MTB in a strong position to continue exploration on our Telegraph copper-gold porphyry project. Field work will begin in early June with drilling scheduled to begin in August.”

Flow Through Offering

MTB raised gross proceeds of $1,199,889.40 from the sale 9,229,918 flow through units. Each FT Unit consists of one common share of the Company to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) and one common share purchase warrant. The price of each FT Unit is $0.13. Each FT Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.18 for a period of 24 months, expiring on May 26, 2025.

Non-Flow through Offering

In addition, MTB also closed a non-brokered private placement of 3,088,350 units at $0.12 per Unit for gross proceeds of $370,602. Each Unit consists of one common share and one common share purchase warrant. Each Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.18 for a period of 36 months, expiring on May 26, 2026.

Finder’s fees of 7% cash and 7% in finder’s warrants were paid to eligible parties. Each finder’s warrant entitles the holder to purchase one common share of the Company at a price of $0.12 for a period of 36 months, expiring on May 26, 2026.

All securities are subject to a four month hold period expiring on September 27, 2023.

The gross proceeds from the issuance of the FT Shares will be used to incur resource exploration expenses which will constitute “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act and “flow through mining expenditures” as defined in subsection 127(9) of the Income Tax Act, which will be renounced with an effective date no later than December 31, 2023 to the purchasers of the FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each subscriber of FT Units for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.

About MTB

MTB has six active projects spanning 670 square kilometres (67,587 hectares) in the prolific Golden Triangle of northern British Columbia. With the focus on the Telegraph project, discussions are now underway leading to joint ventures and/or spinouts of other projects.

1. Telegraph is located in the vicinity of 4 world-class porphyry deposits being advanced by major mining companies: Galore (Teck / Newmont), Schaft (Teck), Saddle (Newmont) and the operating Red Chris copper-gold mine (Newcrest / Imperial Metals). Field work by MTB on its 310 square kilometre property, together with earlier results, provides compelling evidence for the presence of one or more porphyrys similar to others in the area.
2. The American Creek project is centered on the historic Mountain Boy silver mine. The project is road accessible and 20 km from the deep-water port of Stewart. There are multiple silver, gold and copper occurrences on the property, including a 2006 drill hole that encountered 5 kgs of silver over 5 metres.
3. Red Cliff is a past producing gold and copper mine in which the Company holds a 35% interest.
4. On the BA property, 182 drill holes have outlined a substantial zone of silver-lead-zinc mineralization located 4 km from the highway. Several targets with high-grade silver potential remain to be tested. Surprise Creek, to the north, hosts the same prospective stratigraphy.
5. On the Theia project, work by MTB and previous explorers has outlined a silver bearing mineralized trend 500 metres long, highlighted by a 2020 grab sample that returned 39 kg per tonne silver (1,100 ounces per ton). Two other zones on the property produced copper values over 5%.
6. Southmore is in the midst of some of the largest deposits in the Golden Triangle. It was explored in the 1980s through the early 1990s and was overlooked until MTB consolidated the property and carried out airborne geophysics and field work which confirmed several zones of gold and copper, with values up to 20% copper and 35 g/t gold.