VANCOUVER, BC, June 7, 2022
/CNW/ - Metallis Resources Inc. (TSX-V: MTS) (OTCQB:
MTLFF) (FSE: 0CVM) (the "Company" or "Metallis") announces a
non-brokered placement (the "Financing") of up to $2 million. The Financing will consist of up to
6.25 million non-flow-through units at a price of $0.20 per unit and up to 6.1 million flow-through
units at a price of $0.23 per unit,
or such combination of both resulting in total proceeds of
$2 million.
The Company filed a price reservation Form 4A with the TSXV on
May 26, 2022, based on that day's
closing price per common share of $0.23.
Each non-flow-through unit will consist of one common share and
one-half of a non-flow-through, non-transferable share purchase
warrant. Each whole warrant will entitle the holder to purchase one
additional common share at a price of $0.30 per share for a 3-year period.
Each flow-through unit will consist of one flow-through common
share and one-half of a non-flow-through, non-transferable share
purchase warrant. Each whole warrant will entitle the holder to
purchase one additional non-flow-through common share at a price of
$0.33 per share for a 3-year
period.
The flow-through shares will qualify as "flow-through shares"
for the purpose of the Income Tax Act (Canada) (the "Act"). The proceeds of the
flow-through private placement will be incurred on "Canadian
exploration expenses" (within the meaning of the Act). The Company
will renounce these expenses to the purchasers with the effective
date no later than December 31, 2022,
and as required under the Act.
The proceeds from the non-flow-through units will be used for
both exploration and general corporate purposes.
Shares and warrants issued on closing will be subject to a
trading hold period expiring four months plus one day from the date
of issuance. Closing of the private placement is subject to receipt
of all necessary regulatory approvals and final acceptance by the
TSXV.
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. The
Property is prospective for multiple mineral deposit types and is
located along a strategic geological boundary – the "Red-line"
exposed on the Western margin of the Eskay Rift system in the
Golden Triangle, Northwestern British
Columbia. The Property is contiguous to Garibaldi Resources
Corp.'s E&L Nickel Mountain Project in the North and Eskay
Mining Corp. to the East, is within 12 km of the Eskay Creek mine
and 12 – 20 km west of Seabridge Gold's KSM deposits and Newcrest
Mining's producing Brucejack mine.
Metallis trades under the symbols MTS on the TSX Venture
Exchange, MTLFF on the OTCQB Exchange, and 0CVM on the Frankfurt
Stock Exchange. The Company currently has 52,839,878 common shares
issued and outstanding.
On behalf of the Board of Directors:
/s/ "Fiore Aliperti"
Chief Executive Officer, President, and Director
CAUTION REGARDING FORWARD-LOOKING
STATEMENTS
This Press Release may contain statements which constitute
'forward-looking' statements, including statements regarding the
plans, intentions, beliefs and current expectations of the Company,
its directors, or its officers with respect to the future business
activities and operating performance of the Company. The words
"may", "would", "could", "will", "intend", "plan", "anticipate",
"believe", "estimate", "expect" and similar expressions, as they
relate to the Company, or its management, are intended to identify
such forward-looking statements. Investors are cautioned that any
such forward-looking statements are not guarantees of future
business activities or performance and involve risks and
uncertainties, and that the Company's future business activities
may differ materially from those in the forward-looking statements
because of various factors. Such risks, uncertainties and factors
are described in the periodic filings with the Canadian securities'
regulatory authorities, including quarterly and annual Management's
Discussion and Analysis, which may be viewed on SEDAR at
www.sedar.com. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results may vary materially from
those described herein as intended, planned, anticipated, believed,
estimated, or expected.
Although the Company has attempted to identify important risks,
uncertainties and factors which could cause actual results to
differ materially, there may be others that cause results not to be
as intended, planned, anticipated, believed, estimated, or
expected. The Company does not intend, and does not assume any
obligation, to update these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. The TSX-V Stock Exchange has neither approved nor
disapproved the contents of this news release.
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SOURCE Metallis Resources Inc.