- Metals Creek Resources (TSXV: MEK) raises $60,000 through the second tranche of private placement financing.
- Proceeds from flow-through units will fund exploration activities in Newfoundland and Ontario, focusing on the Ogden project.
- The company seeks a 30-day extension to continue financing until August 11, 2025.
Metals Creek Resources (TSXV: MEK) has successfully closed the second tranche of its private placement financing, resulting in gross proceeds of $60,000. The company issued 2,500,000 flow-through units at $0.02 per unit and 500,000 non-flow-through units. Each unit includes common share purchase warrants exercisable at $0.05 for three years.
In light of ongoing financial strategies, Metals Creek is seeking a 30-day extension from the TSX Venture Exchange to continue this financing initiative until August 11, 2025. This move is aimed at raising additional capital and ensuring the completion of their financing goals.
The proceeds from the flow-through units are earmarked for exploration activities on the company’s properties in Newfoundland and Ontario, with a significant emphasis on the Ogden project. Metals Creek aims to utilize these funds for target generation through prospecting, ensuring the exploration expenses qualify as a flow-through mining expenditure under the Income Tax Act of Canada.
All securities issued under this private placement are subject to a mandatory four-month hold period, complying with TSX Venture Exchange policies. Metals Creek also has the option to pay finder's fees as permitted by the policies of the exchange.
