Metals Creek Resources Announces Increased Private Placement
TORONTO, ONTARIO--(Marketwired - May 3, 2016) - Metals Creek Resources Corp. (TSX VENTURE:MEK) ("Metals Creek" or the "Company") is pleased to announce that, further to a press release dated April 5, 2016, the non-brokered private placement (the "Private Placement") has been increased by an additional $216,250 or 1,730,000 flow-through units (the "FT Units") at a price of $0.125 per FT Unit. Including the 2,640,000 flow-through units (the "FT Units") and 866,666 non flow-through units (the "Hard 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 4,530,000 FT Units and 1,250,000 Hard Units.
Each FT Unit will consist of one flow-through common share (the "FT Shares") and one-half of one non flow-through common share purchase warrant (the "Warrants"). 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 $0.18 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).
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.
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, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has a 8 km strike length of the prolific Porcupine-Destor Fault (P-DF) that stretches between Timmins, Ontario and Val d'Or, Quebec. The Company has also entered into a JV with Benton Resources on Metals Creeks Staghorn Gold Project in Newfoundland. Metals Creek has also made a new gold/silver discovery in the "White Gold District" on the Squid East project in the Yukon and is engaged in the identification, acquisition, exploration and development of other mineral resource properties, and presently has mining interests in Ontario, Yukon and Newfoundland and Labrador. Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under its profile at www.sedar.com.
On Behalf Of the Board of Directors
Alexander Stares, President and CEO
Twitter: www.twitter.com/MetalsCreekRes
Facebook: www.facebook.com/MetalsCreek
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.
Contact
Metals Creek Resources Corp.
Alexander Stares
President and CEO
(709) 256-6060
(709) 256-6061
astares@metalscreek.com
www.MetalsCreek.com