- Metals Creek Resources (TSXV: MEK) secures conditional approval for $400,000 private placement financing.
- First tranche closed, raising $60,000 through 3 million flow-through units.
- Funds to support exploration activities in Newfoundland and Ontario, including the Ogden project.
Metals Creek Resources Corp. (TSXV: MEK) has officially received conditional approval from the TSX Venture Exchange for a private placement financing valued at $400,000. The financing will encompass up to 10 million flow-through units and 10 million non-flow-through units, each priced at $0.02 per unit. As part of this initiative, Metals Creek has already closed a first tranche, successfully raising $60,000 through the issuance of 3 million flow-through units.
The remaining balance of the financing is anticipated to finalize by June 30, 2025, with proceeds from the flow-through units dedicated to exploration activities across the company's properties in Newfoundland and Ontario. Among these properties is the Ogden project, where target generation through prospecting will take place. This strategic move aims to utilize Canadian exploration expenditures qualifying as flow-through mining expenses under the Income Tax Act (Canada).
The flow-through units offer investors half a warrant, and non-flow-through units include a full warrant, each exercisable at $0.05 for three years from the issue date. As per TSX Venture Exchange policies, Metals Creek may pay finders' fees in cash or securities, and all securities will carry a mandatory four-month hold period.
