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Metals Creek Resources Corp. Files to Close First Tranche of Flow-Through Private Placement Financing

10.07.2024  |  Newsfile

Thunder Bay, July 10, 2024 - Metals Creek Resources Corp. (TSXV: MEK) (FSE: M1C1) (the "Company" or Metals Creek) further to its June 17, 2024 news release, the Company announces that it has filed documents with the TSX Venture Exchange seeking approval to close the first tranche of its non-brokered private placement financing (the "Financing").

The Company intends to issue up to 8,000,000 flow-through units at a price of $0.025 per unit (the "FT Units") for aggregate proceeds of up to $200,000, closing on 4,500,000 FT Units for proceeds of $112,500, in this first tranche. Each FT Unit consists of one flow-through common share (the "FT Shares") and one non-flow-through common share purchase warrant (the "FT Warrants"), with each FT Warrant entitling the holder to purchase one additional non-flow-through common share of the Company at an exercise price of $0.06 per common share for a period of 24 months from the date of issue. The FT Shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).

The Company also intends to issue up to 10,000,000 non-flow-through units at a price of $0.02 per unit (the "NFT Units") for aggregate proceeds of up to $200,000, closing on 475,000 NFT Units for proceeds of $9,500, in this first tranche. Each NFT Unit consists of one non-flow-through common share and one non-flow-through common share purchase warrant (the "NFT Warrants"), with each NFT Warrant entitling the holder to purchase one additional common share of the Company at an exercise price of $0.05 per common share for a period of 24 months from the date of issue.

In connection with the private placement, the company may pay finders' fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange. All securities issued pursuant to the Private Placement will be subject to a four-month hold period. The Private Placement is subject to approval by the TSX Venture Exchange.

The proceeds raised from the FT Units will be used for drilling on the companies Tillex Copper Project and the Shabaqua Corners Gold Property and will ensure that such Canadian Exploration Expenses qualify as a "flow-through mining expenditure" for purposes of the Income Tax Act (Canada), related to the exploration of the Company's exploration projects.

About Metals Creek Resources Corp.

Metals Creek Resources Corp. is a junior exploration company incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the Exchange under the symbol "MEK". Metals Creek has earned a 50% interest in the Ogden Gold Property from Newmont Corp., including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has an 8 km strike length of the prolific Porcupine-Destor Fault (P-DF). In addition, Metals Creek owns and/or has option agreements in place to acquire a 100% interest in claims in the Shabaqua Corners area of North western Ontario.

Metals Creek also has multiple quality projects available for option which can be viewed on the Company's website. Parties interested in seeking more information about properties available for option can contact the Company at the number below.

Additional information concerning the Company is contained in documents filed by the Company with securities regulators, available under its profile at www.sedarplus.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Alexander (Sandy) Stares, President and CEO
Metals Creek Resources Corp
telephone: (709)-256-6060
fax: (709)-256-6061
MetalsCreek.com
Twitter.com/MetalsCreekRes
Facebook.com/MetalsCreek

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216111


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Metals Creek Resources Corp.
Bergbau
A14X17
CA59131Q2099

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