The Company has issued 5,000,000 flow-through units at a price of $0.04 per unit (the “FT Units”), with each FT Unit consisting of one flow-through common share (the “FT Shares”) and one-half of a non-flow-through common share purchase warrant (the “FT Warrants”), with each full 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 entitle the holder to the tax benefits applicable to flow-through shares, in accordance with the provisions of the Income Tax Act (Canada).
In connection with the financing, the Company paid cash finding fees in the aggregate amount of $16,000 and issued 400,000 broker warrants, exercisable at $0.05 for 5 years. A retention period of four months applies to all securities issued in the context of the Financing.
Proceeds from the FT Units will be used for the exploration of the Company’s properties in Newfoundland and Ontario, including the Ogden Gold Project, and will cause such Canadian exploration costs to qualify as ‘flow mining expenses’ 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 British Columbia, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the stock exchange under the symbol “MEK”. Metals Creek has acquired a 50% interest in the Ogden Gold Property, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and spanning 8 km of the prolific Porcupine-Destor Fault (P-DF).
Metals Creek also has several quality projects available that can be viewed on the company’s website. Parties interested in further information regarding properties available for option may contact the Company at the number below.
Additional information about the Company can be found 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278758
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