Mr. Alexander Stares reports
METALS CREEK RESOURCES CORP. FILES FOR APPROVAL OF $800,000 FLOW-THROUGH PRIVATE PLACEMENT
Metals Creek Resources Corp. has filed documents with the TSX Venture Exchange seeking final approval to close its non-brokered flow-through private placement financing for aggregate total proceeds of $800,020.
On receipt of exchange approval, the company will issue 20,000,500 four-cent flow-through (FT) common shares. The FT shares 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 and subject exchange approval, the company will pay $56,001.40 in cash finders' fees and issue 1,400,035 non-transferable broker warrants, exercisable at five cents per common share for a period of 24 months from the date of issue. 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.
The proceeds raised from the FT units will be used for exploration on the company's Ontario properties, including its Ogden gold project, and will ensure that such Canadian exploration expenses qualify as a flow-through mining expenditure for purposes of the Income Tax Act (Canada), related to the exploration of the company's exploration projects.
About Metals Creek Resources Corp.
Metals Creek is a junior exploration company incorporated under the laws of the Province of British Columbia, 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-per-cent interest in the Ogden gold property, including the past-producing Naybob gold mine, located six kilometres south of Timmins, Ont., and has an eight-kilometre strike length of the prolific Porcupine-Destor fault (P-DF).
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.
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