Metals Creek Resources Corp. Announces Non-Brokered Private Placement to Advance Shabaqua Corners Gold Project and Tillex Copper

Rhea-AI Summary

Metals Creek Resources Corp. (TSXV: MEK) (FSE: M1C1) announces a non-brokered private placement of flow-through and non flow-through units, expected to close on or before 23 December, 2023. The company intends to issue up to 15,000,000 flow-through units at a price of $0.03 per unit for proceeds of up to $450,000. Additionally, up to 5,000,000 non flow-through units will be issued at the same price for proceeds of up to $150,000. The Private Placement is subject to approval by the TSX Venture Exchange. The proceeds raised from the FT Units will be used for drilling on the Shabaqua Corners Gold Property and the Tillex Copper Project to ensure they qualify as a 'flow-through mining expenditure' for tax purposes.

Thunder Bay, Ontario--(Newsfile Corp. - November 30, 2023) - Metals Creek Resources Corp. (TSXV: MEK) (FSE: M1C1) (the "Company" or "Metals Creek") announces that it intends to complete a non-brokered private placement of flow-through and non flow-through units (the "Private Placement"). The Private placement is expected to close on or before 23 December, 2023.

The Company intends to issue up to 15,000,000 flow-through units at a price of $0.03 per unit (the "FT Units") for aggregate proceeds of up to $450,000. Each FT Unit will consist of one flow-through common share (the "FT Shares") and one non flow-through common share purchase warrant (the "FT Warrants"). Each whole FT Warrant will entitle the holder to purchase one additional non flow-through common share of the Company at an exercise price of $0.06 per common share for a period of 24 months from the date of issue. The FT 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).

The Company also intends to issue up to 5,000,000 non flow-through units at a price of $0.03 per unit (the "NFT Units") for aggregate proceeds of up to $150,000. Each NFT Unit will consist of one non flow-through common share and one non flow-through common share purchase warrant (the "NFT Warrants"). Each NFT Warrant will entitle the holder to purchase one additional non flow-through common share of the Company at an exercise price of $0.05 per common share for a period of 24 months from the date of issue.

In connection with the private placement, the Company may pay finders' fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange. All securities issued pursuant to the Private Placement will be subject to a four-month hold period. The Private Placement is subject to approval by the TSX Venture Exchange.

The proceeds raised from the FT Units will be used for drilling on the companies Shabaqua Corners Gold Property and the Tillex Copper Project and will ensure that such Canadian Exploration Expenses qualify as a "flow-through mining expenditure" for purposes of the Income Tax Act (Canada), related to the exploration of the Company's exploration projects.

A Presentation for the Shabaqua Corners Gold Project can be viewed at:

https://www.metalscreek.com/upload/documents/corporate-presentation-shabaqua-corners-002.pdf

About Metals Creek Resources Corp.

Metals Creek Resources Corp. is a junior exploration company incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the Exchange under the symbol "MEK". Metals Creek has earned a 50% interest in the Ogden Gold Property from Newmont Corporation, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has an 8 km strike length of the prolific Porcupine-Destor Fault (P-DF). In addition, Metals Creek owns and/or has option agreements in place to acquire a 100% interest in claims in the Shabaqua Corners area of North western Ontario.

Metals Creek also has multiple quality projects available for option which can be viewed on the Company's website. Parties interested in seeking more information about properties available for option can contact the Company at the number below.

Additional information concerning the Company is contained in documents filed by the Company with securities regulators, available under its profile at www.sedarplus.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Alexander (Sandy) Stares, President and CEO
Metals Creek Resources Corp
telephone: (709)-256-6060
fax: (709)-256-6061
MetalsCreek.com
Twitter.com/MetalsCreekRes
Facebook.com/MetalsCreek

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/189417

FAQ

What is Metals Creek Resources Corp.'s ticker symbol?

Metals Creek Resources Corp.'s ticker symbol is MEK on the TSX Venture Exchange and M1C1 on the Frankfurt Stock Exchange.

What is the purpose of the non-brokered private placement announced by Metals Creek Resources Corp.?

The purpose of the private placement is to raise funds through the issuance of flow-through and non flow-through units for drilling on the Shabaqua Corners Gold Property and the Tillex Copper Project.

What is the price of the flow-through and non flow-through units being issued by Metals Creek Resources Corp.?

Metals Creek Resources Corp. intends to issue flow-through and non flow-through units at a price of $0.03 per unit.

What will the proceeds from the flow-through units be used for?

The proceeds raised from the flow-through units will be used for drilling on the Shabaqua Corners Gold Property and the Tillex Copper Project to ensure they qualify as a 'flow-through mining expenditure' for tax purposes.

When is the expected closing date of the private placement?

The private placement is expected to close on or before 23 December, 2023.

What is the hold period for securities issued pursuant to the Private Placement?

All securities issued pursuant to the Private Placement will be subject to a four-month hold period.

What is the purpose of the finders' fees mentioned in the press release?

In connection with the private placement, the company may pay finders' fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange.