Excalibur Resources Ltd. (CSE:XBR) (CSE:XBR.CN) (OTC PINK:EXCFF) (FRANKFURT:X9CN) is pleased to announce that it has completed its previously announced non-brokered private placement for an oversubscribed total of 23,717,900 Units at $0.10 per Unit for $2,371,790. Each Unit consists of one common share and one-half of one common share purchase warrant. Each full warrant is exercisable to acquire an additional common share at $0.15 per share for a period of two years from the closing date. All securities issued in connection with the offering are subject to a four-month-and-a-day hold period.
Proceeds have been used to complete the first cash milestone payment of $1,500,000 as per the binding agreement with International Explorers and Prospectors Inc to acquire 100% of three net smelter royalties on properties located in Timmins, Ontario and general working capital purposes.
Brett Heath, President of Metalla Royalty and Streaming, states: “We are very pleased with the level of interest we received in this financing which is yet another milestone in the rapid growth plan for the Company. With this financing, Metalla is now in a position to continue to acquire accretive precious metal royalties and streams aggressively. We welcome the new shareholders to our Company.”
The Company had a successful AGM on November 22, 2016, and received approval for the name to be officially changed to Metalla Royalty and Streaming Ltd. The Company will trade under the new symbol (“MTA”) when it is completed. The Company also received approval for a 1 new share for 3 old shares consolidation which will be crucial to reach its goal of trading on the senior TSX and US exchanges in the future. The Company has filed an application to trade on the OTCQB in order to enhance the liquidity and transparency for U.S. investors. The Company has granted 2.3 million options at $0.11 cents to officers, directors, and consultants.
Excalibur Resources Ltd. is a precious metals royalty and streaming company engaged in the acquisition and management of precious metal royalties, streams and similar production based interests.
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