Metallic Minerals Announces Warrant Exercises for Gross Proceeds of $1.75 Million
TSX VENTURE: MMG
VANCOUVER, British Columbia, Aug. 02, 2019 (GLOBE NEWSWIRE) -- Metallic Minerals Corp. (TSX-V: MMG; US OTC: MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce that all of the remaining warrants from its June 30, 2016 financing have been fully exercised for gross proceeds of $1,746,600. Directors, management, and employees of the Company exercised 100% of their warrants, contributing $670,000 to the proceeds and thereby increasing their ownership in Metallic Minerals to a total of 17.5%.
Proceeds from exercise of these warrants will be directed to Metallic Minerals’ 2019 exploration programs, and for general corporate purposes.
Greg Johnson, Chairman & CEO, stated, “We are very pleased to have the ongoing support from our shareholders with these warrant exercises and particularly with the strong support shown by our management and employees recognizing the value that we are building in the Company. Our field teams are at work at the Keno Silver Project in the Yukon’s high-grade Keno Hill Silver District, along with at our other promising Yukon projects. We are excited about the second half of the year as we follow up on a number of important recent developments and value creating initiatives. We look forward to providing additional updates and reporting results from our exploration activities in the coming weeks and months.”
About Metallic Minerals Corp.
Metallic Minerals is a growth stage exploration company, focused on the acquisition & development of high-grade silver and gold in under-explored districts proven to produce top-tier assets. Our objective is to create value through a systematic, entrepreneurial approach to exploration in these brownfields districts where we see the opportunity to make world-class discoveries by applying new geologic thinking and technology. The Company’s Keno Silver Project is located in the historic high-grade Keno Hill Silver District of Canada's Yukon Territory, with over 300 million ounces of silver in past production and current M&I resources. The District features excellent existing infrastructure, including grid power, highway and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success as well as large scale development, permitting and project financing expertise.
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This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts including, without limitation, statements regarding the creation of value in Metallic Minerals and the timing and success of exploration activities generally, including our expectations for the second-half of 2019, are “forward-looking statements”. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of its businesses, investors should review their annual filings that are available at www.sedar.com. Metallic Minerals undertakes no obligation to publicly revise the “forward-looking statements: to reflect subsequent events or circumstances, except as required by law.
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.