Metals Creek Closes Private Placement
Metals Creek Resources Corp. (TSX VENTURE:MEK) has reported that it has closed its previously announced private placement, with Fraser Mackenzie Limited and Euro Pacific Canada Inc. acting as agents.
The Corporation issued today 3,787,500 flow through common shares at a price of $0.32 per FT Share and 20,969,000 units at a price of $0.28 per Unit for aggregate gross proceeds of $7,083,320. Each Unit is comprised of one common share and one half of one common share purchase warrant, with each whole warrant entitling the holder thereof to acquire one common share of the Company at a price of $0.45 for a period of 24 months following the closing of the Offering. In addition to a cash commission, the Corporation issued broker warrants to the Agents entitling the holders to acquire 1,900,520 common shares of the Corporation at a purchase price of $0.28 for a period of two years.
The proceeds from the sale of the FT shares will be used for exploration of the Corporation’s properties and the proceeds from the sale of the Units will be used for general working capital purposes.
All of the securities issued in connection with the Offering are subject to a hold period expiring on June 5, 2011.
Metals Creek Resources Corp. is a reporting issuer in Alberta, British Columbia and Ontario. Metals Creek can earn a 50% interest in the Ogden Gold Property, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has a 8 km strike length of the prolific Porcupine-Destor Fault (PDF) that stretches between Timmins, Ontario and Val d’Or, Quebec. The Corporation is also engaged in the identification, acquisition, exploration and development of other mineral resource properties, and presently has mining interests in Ontario and Newfoundland and Labrador.
Posted February 4, 2011
