Metallis Resources Inc. (TSX-V: MTS) (OTCQB: MTLFF) is pleased to announce that further to its news release dated September 24, 2019, the Company has closed its non-brokered flow-through private placement for total proceeds of $1,855,601, including an initial tranche of 1,140,000 shares for proceeds of $1,003,200 which closed, as previously announced, on September 24, 2019.
Under this private placement, the Company has issued a total of 2,108,638 flow-through common shares at a price of $0.88 per share. The shares will qualify as “flow-through shares” for the purposes of the Income Tax Act (Canada). The Proceeds of the flow-through private placement will be used to incur “Canadian exploration expense” (within the meaning of the Act). The Company will renounce these expenses to the purchasers with an effective date of no later than December 31, 2019, and as required under the Act.
No finders’ fees and/or agents’ fees were paid. The shares issued on closing will be subject to a trading hold period expiring four months plus one day from the date of issue.
Fiore Aliperti, Metallis’ President and CEO states: “The closing of this financing highlights the confidence our investors have in both the Kirkham Property and the company. The geological team continues to work tirelessly to deliver and exceed on our exploration targets set out at the beginning of the season. This financing allows the Company to utilize flow-through dollars for the remainder of the season and provides significant funding for the 2020 exploration season as well.”
Mr. Aliperti added “At this stage of the drilling program we have exceeded our goal of 4,000 meters and we continue to drill at the Kirkham Property. Our target is to complete 5,000 meters and a total of 12 drill holes, before inclement weather conditions force the program to end.”
About the Kirkham Property
The 106 sq. km Kirkham Property totals 10,610 Hectares and is located about 65 km north of Stewart, B.C., in the heart of the Golden Triangle’s prolific Eskay Camp. The northern border of Kirkham is contiguous to Garibaldi Resources’ E&L Nickel Mountain Project. The northeast corner of Kirkham is within 12 km of the Eskay Creek mine while the eastern border is within 15 – 20 km of Seabridge Gold’s KSM deposits and Pretium Resources’ Brucejack mine.
Metallis Resources Inc. is a Vancouver-based company focused on the exploration of gold, copper, nickel and silver at its 100%-owned Kirkham Property situated in northwest British Columbia’s Golden Triangle. Metallis currently has 36,155,767 shares issued and outstanding, including this private placement.
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We acknowledge the [financial] support of the Government of Canada.