MEK, Next door neighbor, placement increased.
Metals Creek increases private placement to $716,250
2016-05-03 15:57 ET - News Release
Mr. Alexander Stares reports
METALS CREEK RESOURCES ANNOUNCES INCREASED PRIVATE PLACEMENT
Further to a press release dated April 5, 2016, Metals Creek Resources Corp.'s non-brokered private placement has been increased by an additional $216,250, or 1.73 million flow-through units at a price of 12.5 cents per flow-through unit. Including the 2.64 million flow-through units and 866,666 non-flow-through units already issued for gross proceeds of $434,000 as disclosed in an April 22, 2016, press release, the aggregate gross proceeds from the private placement are expected to be up to $716,250, resulting in the issuance of up to 4.53 million flow-through units and 1.25 million hard units.
Each flow-through unit will consist of one flow-through common share and one-half of one non-flow-through common share purchase warrant. Each hard unit will consist of one non-flow-through common share and one warrant. Each whole warrant will entitle the holder to purchase one additional non-flow-through common share of the company at an exercise price of 18 cents per common share for a period of 24 months from the date of issue. The flow-through shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
Further details about the securities being issued pursuant to the private placement can be found in company's press release dated April 5, 2016. Terms of the private placement discussed in this press release remain unchanged from the terms described in the April 5, 2016, press release.
All securities issued in the placement are subject to a four-month hold period, and closing of the private placement remains subject to approval of the TSX Venture Exchange