Metallis Resources Inc V.MTS

Alternate Symbol(s): MTLFF

Metals & Mining Industrial Metals & Minerals

Metallis Resources Inc. is a Canada-based mineral exploration company. The Company is focused on the exploration of gold, copper, nickel, and silver at its 100%-owned Kirkham Property. The Kirkham Property covers approximately 106 square kilometers and is located about 65 kilometers (km) north of Stewart, British Columbia, in the heart of the Golden Triangle's prolific Eskay (Sulphurets) Camp. It is located along a strategic geological boundary on the western margin of the Eskay Rift system and is prospective for multiple mineral deposit types. The Kirkham Property is within 20 km of the past producing Eskay Creek mine while the eastern border is within 12 - 20 km of Seabridge Gold's KSM deposits and Newcrest Mining's producing Brucejack mine. The Company’s Greyhound Property is a gold/silver target in Idaho, United States. The Company’s Greyhound Property is located in Custer County, Idaho, approximately 42 km northwest of the town of Stanley.

TSXV:MTS - Post by User

Metallis Resources Inc

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Post by kmontgo22on Sep 19, 2017 8:16pm

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Post# 26717054

PP announced

Metallis Arranges $1.25 Million Financing

VANCOUVER, B.C., Sept. 19, 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 to raise gross proceeds of up to $1,250,000. The financing is expected to close shortly.

Private Placement Details

One (1) million units will be issued at $0.55 cents while one (1) million flow-through units will be issued at $0.70 cents. Each unit, non-flow-through and flow-through, will consist of one (1) common share of the Company and one-half of one (1/2) of a 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 $0.80 cents per share for a period of two years, subject to the following acceleration provision (the “Acceleration Provision”): if the closing price for the common shares of the Company as traded on the TSX Venture Exchange is equal to or greater than $1.20 per common share for ten (10) consecutive days (the “Threshold Period”) occurring any time after the expiry of the 4 month hold period, then the Purchaser shall have until 4:00 pm (Vancouver, BC Time) of the 30th calendar day after the Company’s news release announcement of the occurrence of the Threshold Period to exercise the share purchase warrants (the “Accelerated Expiry Date”). The share purchase warrants shall expire on the earlier of the last day of the two (2) year exercise term or the Accelerated Expiry Date. The Company shall issue no other notice other than such news release.

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 flow-through private placement will be used for further exploration including drilling at the company’s 100%-owned Kirkham Property situated in the heart of the Golden Triangle’s Eskay Camp in northwest British Columbia. Proceeds from the non-flow through private placement will be used for general working capital purposes.

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.

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