Metals Creek Resources Corp. Reprices the Non Flow-Through Portion of Previously Announced Non-Brokered Private Placement

Rhea-AI Summary

Metals Creek Resources Corp. (TSXV: MEK) has repriced the non flow-through portion of its non-brokered private placement. The company plans to issue up to 10,000,000 non flow-through units (NFT Units) at $0.02 per unit, raising up to $200,000. Each NFT Unit will include one non flow-through common share and one warrant, allowing the purchase of an additional share at $0.05 within 24 months. Moreover, Metals Creek will issue up to 8,000,000 flow-through units (FT Units) at $0.025 per unit, also targeting $200,000 in proceeds. Each FT Unit comprises one flow-through share and one warrant, enabling the purchase of a non flow-through share at $0.06 within 24 months. The FT Shares come with tax benefits under the Income Tax Act (Canada). The private placement is expected to close by July 31, 2024, pending TSX Venture Exchange approval, and may involve finders' fees paid in cash or securities.

Positive

• Repricing of non flow-through units aims to attract more investors.
• Potential to raise up to $400,000 in total proceeds from private placement.
• Flow-through shares offer tax benefits to investors, enhancing attractiveness.

Negative

• Dilution risk for existing shareholders with the issuance of up to 18,000,000 new shares.
• Dependence on TSX Venture Exchange approval creates uncertainty.

Thunder Bay, Ontario--(Newsfile Corp. - June 24, 2024) - Metals Creek Resources Corp. (TSXV: MEK) (FSE: M1C1) (the "Company" or Metals Creek) announces that it has repriced the non flow-through portion of its previously announced 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 31 July 2024.

The Company now intends to issue up to 10,000,000 non flow-through units at a price of $0.02 per unit (the "NFT Units") for aggregate proceeds of up to $200,000. 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.

The Company also intends to issue up to 8,000,000 flow-through units at a price of $0.025 per unit (the "FT Units") for aggregate proceeds of up to $200,000. 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).

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.

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/214256

FAQ

What changes were made to Metals Creek Resources Corp.'s private placement on June 24, 2024?

Metals Creek repriced the non flow-through portion of its non-brokered private placement, offering NFT Units at $0.02 per unit.

How much does Metals Creek Resources Corp. aim to raise with the flow-through and non flow-through units?

The company aims to raise up to $400,000, with $200,000 from non flow-through units and $200,000 from flow-through units.

What are the terms for the warrants included in Metals Creek Resources Corp.'s NFT Units?

Each warrant in the NFT Units allows the holder to purchase an additional share at $0.05 within 24 months.

What tax benefits are associated with the FT Shares issued by Metals Creek Resources Corp.?

FT Shares come with tax benefits under the Income Tax Act (Canada).

What is the closing date for Metals Creek Resources Corp.'s private placement?

The private placement is expected to close on or before July 31, 2024.