VANCOUVER, B.C., Oct. 02, 2017 (GLOBE NEWSWIRE) -- Metallis Resources Inc. (TSX-V:MTS) (the “Company” or “Metallis Resources”) is pleased to announce that it has arranged a non-brokered private placement with 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott raising gross proceeds of up to $2,200,000. The financing is expected to close shortly.
Private Placement Details
Two (2) million units will be issued at $1.10. Each unit will consist of one (1) common share of the Company and one-half of one (1/2) non-transferable share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $1.50 per share for a period of two years from the date of closing. Any finders’ fees and/or agents’ fees will be paid in accordance with the policies of the TSX Venture Exchange. The private placement is subject to Exchange approval.
Proceeds from the private placement will be used for the 2018 Drilling Program on the Company’s 100%-owned Kirkham Property situated in the heart of the Golden Triangle’s Eskay Camp in northwest British Columbia and for general working capital.
About the Kirkham Property
The 10,600 hectare Kirkham Property, prospective for gold-copper porphyry, high-grade gold and base metal mineralization, is located about 65 km north of Stewart within the prolific Golden Triangle. The northern border of Kirkham is contiguous to Garibaldi Resources’ E&L Nickel Mountain Project, approximately 12 km southwest of the Eskay Creek mine. The eastern border is within 15 to 20 km of Seabridge Gold’s KSM deposit and Pretium Resources’ Brucejack mine which is now in commercial production.
About Metallis
Metallis Resources Inc. is a Vancouver-based company focused on the exploration of precious metals and base metals at its 100%-owned Kirkham Property in northwest British Columbia’s Golden Triangle. Metallis trades under the symbol MTS on the TSX Venture Exchange and currently has 26,320,974 shares issued and outstanding and completing the forgoing private placement the Company will have 28,320,974.
