METALSOURCE MINING CLOSES PRIVATE PLACEMENT
Metalsource Mining has closed the first tranche of its non-brokered private placement, raising $750,000 with Eric Sprott as the lead investor contributing $500,000 for 2,500,000 units. Each unit, priced at $0.20, includes one common share and half a warrant exercisable at $0.30 for 24 months. Following the placement, Sprott owns 7.3% of outstanding shares (non-diluted) and 10.6% on a partially-diluted basis. The proceeds will fund working capital and exploration at the Aruba Project in Botswana, which targets manganese deposits in the Transvaal Super Group's Kayne Basin.
Metalsource Mining ha chiuso la prima tranche del suo collocamento privato non intermediato, raccogliendo 750.000 dollari con Eric Sprott come investitore principale, che ha contribuito con 500.000 dollari per 2.500.000 unità. Ogni unità, valorizzata a 0,20 dollari, include una quota comune e mezzo warrant esercitabile a 0,30 dollari per 24 mesi. Dopo il collocamento, Sprott detiene il 7,3% delle azioni in circolazione (non diluito) e il 10,6% su base parzialmente diluita. I proventi saranno utilizzati per finanziare il capitale circolante e l’esplorazione del Progetto Aruba in Botswana, che mira a giacimenti di manganese nel Bacino di Kayne del Supergruppo Transvaal.
Metalsource Mining ha cerrado la primera tranche de su colocación privada no intermediada, recaudando 750,000 dólares con Eric Sprott como inversor principal, quien contribuyó con 500,000 dólares para 2,500,000 unidades. Cada unidad, valorada en 0.20 dólares, incluye una acción ordinaria y medio warrant ejercitable a 0.30 dólares durante 24 meses. Después del colocamiento, Sprott posee el 7.3% de las acciones en circulación (no diluidas) y el 10.6% sobre una base parcialmente diluida. Los ingresos se destinarán a financiar el capital de trabajo y la exploración del Proyecto Aruba en Botswana, que busca depósitos de manganeso en la Cuenca Kayne del Supergrupo Transvaal.
메탈소스 마이닝이 비중개 사모 배치의 첫 번째 분기를 마감했으며, 750,000 달러를 조달했습니다. 에릭 스프로트가 주 투자자로 나서 500,000 달러를 2,500,000 유닛에 기여했습니다. 각 유닛은 0.20 달러로 가격 책정되며, 한 주식과 24개월 동안 0.30 달러에 행사할 수 있는 반 워런트를 포함합니다. 배치 이후, 스프로트는 기초 자산의 7.3%를 소유하게 되었으며 (비희석 기준) 10.6%는 부분 희석 기준입니다. 수익금은 보츠와나에 있는 아루바 프로젝트의 운영 자본 및 탐사를 지원하는 데 사용될 것입니다. 이 프로젝트는 트란스바알 슈퍼그룹의 케인 분지에서 망간 광상을 목표로 하고 있습니다.
Metalsource Mining a clôturé la première tranche de son placement privé non intermédié, levant 750 000 dollars, avec Eric Sprott comme investisseur principal ayant contribué à hauteur de 500 000 dollars pour 2 500 000 unités. Chaque unité, au prix de 0,20 dollar, comprend une action ordinaire et une demi-option exerçable à 0,30 dollar pendant 24 mois. Suite au placement, Sprott détient 7,3 % des actions en circulation (non diluées) et 10,6 % sur une base partiellement diluée. Les produits de cette opération financeront le fonds de roulement et l'exploration du Projet Aruba au Botswana, qui vise des dépôts de manganèse dans le bassin de Kayne du Supergroupe Transvaal.
Metalsource Mining hat die erste Tranche seiner nicht vermittelte Privatplatzierung abgeschlossen und 750.000 Dollar eingesammelt, wobei Eric Sprott als Hauptinvestor 500.000 Dollar für 2.500.000 Einheiten beigetragen hat. Jede Einheit, die zu 0,20 Dollar bepreist ist, umfasst eine Stammaktie und eine halbe Option, die für 24 Monate zu 0,30 Dollar ausgeübt werden kann. Nach der Platzierung hält Sprott 7,3 % der ausstehenden Aktien (nicht verwässert) und 10,6 % auf einer teilweise verwässerten Basis. Die Erlöse sollen das Betriebskapital und die Exploration des Aruba-Projekts in Botswana finanzieren, das sich auf Mangandeponien im Kayne-Becken der Transvaal Super Group konzentriert.
- Secured $750,000 in first tranche funding through private placement
- Notable investor Eric Sprott took lead position with $500,000 investment
- Strategic position in manganese market amid rising global demand, particularly from EV battery sector
- Share dilution through issuance of 3,750,000 new units
- Additional dilution possible with pending second tranche closure
VANCOUVER, BRITISH COLUMBIA, Nov. 22, 2024 (GLOBE NEWSWIRE) -- METALSOURCE MINING INC. (the “Company” or "Metalsource") (CSE: “MSM”) is pleased to announce that, further to its news release dated October 31, 2024, it has closed the first tranche of its non-brokered private placement for total gross proceeds of
The Company has allotted and issued 3,750,000 units (the “Units”) at a price of
Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired 2,500,000 Units for
The Units were acquired by Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
A copy of Sprott's early warning report will appear on Metalsource Mining’s profile on SEDAR+ and may also be obtained by calling Mr. Sprott’s office at (416) 945-3294 (1106-7 King Street East, Toronto, ON, M5C 3C5).
The Company intends to use the proceeds raised from the Offering for working capital purposes and to proceed with a work program on their property, “The Aruba Project”, in Botswana.
In connection with the Offering, the Company has paid finder’s fees of
All securities issued under the Offering are subject to a hold period of four months and one day expiring on March 23, 2025.
About Metalsource Mining Inc.
The Company is engaged in the exploration and development of its mineral property assets in Botswana. The Company’s objective is to locate and develop economic, precious and base metal properties of merit and to conduct its exploration program on its Aruba property
Aruba Project
The western part of the Aruba Project is underlain by the highly prospective Transvaal Super Group, specifically the Kayne Basin. The (Lower) Transvaal Supergroup, which includes the Kanye Basin in Botswana and the Transvaal and Griqualand West Basins of South Africa, hosts iron and manganese mineralization. Manganese precipitation occurs at the intersections of horizontal oxidation-reduction interfaces with shallow marine substrates within shallow marine embayments. Major deposits usually form close to the basin margin and are often less than 100 m above the basement, typically hosted in a sedimentary package, which can include quartzite, siltstone, or shale. This style of mineralization is typically flat lying, stratiform and stratabound mineralization that can be quite laterally extensive in a lot of cases. The Kalahari overlying younger cover has limited exploration efforts to date.
Transvaal Supergroup
The Transvaal Supergroup hosts some of the world’s most significant manganese deposits, especially within the Kalahari Manganese Field (KMF) in northern South Africa. South Africa currently contributes
Global Manganese Market
Current global manganese demand continues to rise, with demand in lithium-ion battery production as a particular source of increased uptake. This demand is driven by electric vehicles and the changing battery chemistry with manganese being substituted for cobalt. Allied to this, unfavorable conditions arising from restrictive governmental policies in many mining jurisdictions has seen global supply curtailed. This ideally positions Metalsource Mining, which holds licenses containing highly prospective and untested manganese targets in one of the worlds highest rated mining jurisdictions
Qualified Person
This news release has been reviewed and approved by Rory Kutluoglu, B.Sc, P.Geo, a “Qualified Person” as defined under NI 43-101 – Standards for of Disclosure for Mineral Projects.
ON BEHALF OF THE BOARD OF DIRECTORS
“Joseph Cullen”
Joseph Cullen,
President, Chief Executive Officer and Director
For further information, please contact:
Mr. Joseph Cullen
Phone: 778-919-8615
Email: jpacullen@gmail.com
Website: https://www.metalsourcemining.com/
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED
OF THE CONTENT OF THIS PRESS RELEASE
Cautionary Note About Forward-Looking Statements
Certain of the information contained in this news release may constitute ‘forward-looking statements' within the meaning of applicable securities laws. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
FAQ
How much did Metalsource Mining raise in their recent private placement?
What is the exercise price and duration of the warrants issued in the private placement?
What percentage ownership does Eric Sprott now hold in Metalsource Mining?
What will Metalsource Mining use the proceeds for?
