VANCOUVER, British Columbia, Jan. 26, 2018 (GLOBE NEWSWIRE) -- Metallis Resources Inc. (TSX-V:MTS) (“Metallis” or the “Company”) is pleased to announce that further to its news release dated January 5, 2018, the Company has closed its private placement (the “Private Placement”) pursuant to which its issued 1,897,142 Units at a price of $1.15 per Unit for aggregate gross proceeds of $2,181,713.
Each $1.15 Unit consists of one (1) common share of the Company (each, a “Share”) and one-half (1/2) of one non-transferable share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable for the purchase of one (1) additional Share at a price of $1.60 per Share for a period of three (3) years.
All securities issued under the private placement are subject to a hold period expiring four months and one day from the date of issuance pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange. Finder’s fees of $10,488 were incurred with the private placement.
Proceeds from the private placement will be used for the 2018 exploration and drill 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. The private placement is subject to final TSX-V approval.
About the Kirkham Property
The 106 sq. km Kirkham Property is located about 65 km north of Stewart, BC within the prolific Golden Triangle. The northern border of Kirkham is contiguous to Garibaldi Resources’ E&L Nickel Mountain Project whereas the northeast corner of Kirkham is within 12 km of the Eskay Creek mine while the eastern border is within 15 to 20 km of Seabridge Gold’s KSM deposit and Pretium Resources’ Brucejack mine.
About Metallis
Metallis Resources Inc. is a Vancouver-based company focused on the exploration of gold, copper, nickel and silver at its 100%-owned Kirkham Property situated in northwest British Columbia’s Golden Triangle. Metallis trades under the symbol MTS on the TSX Venture Exchange and currently has 31,838,629 shares issued and outstanding, including this private placement.
