Vancouver (pcJ News Briefs) – Metallic Minerals Corp. (TSX-V: MMG; OTCPK: MMNGF) has closed a private placement of 1,666,666 units at$0.45 per unit for gross proceeds of $750,000.
Each unit consists of one common share and one common share purchase warrant, with each whole warrant exercisable at a price of $0.60 per common share for a period of 36 months from the closing date, subject to accelerated expiry.
Net proceeds will be used on qualifying exploration expenditures for purposes of the Canadian Income Tax Act, primarily at Metallic Minerals’ Keno-Lighting project in the Keno Hill silver district of the Yukon Territory.
“We are pleased with the interest in this financing from our existing shareholders and from new investors. The closing of this private placement will enable us to expand our planned 2017 exploration program in the Keno Hill silver district this year. We expect to commence the field activities in April with geophysics and other ground work to further refine our priority targets for drilling later this summer,” said Greg Johnson, CEO & Chairman.
Metallic Minerals Corp. is focused on the acquisition & development of high-grade silver resources in under-explored districts of mining-friendly jurisdictions proven to produce top-tier assets. Its core Keno-Lightning property is located in the historic Keno Hill silver district of Canada’s Yukon Territory, a region which has produced over 200 million ounces of high-grade silver over the past 100 years and has excellent existing infrastructure, including grid power, highway & road access, and two nearby communities with services.
photo credit: Metallic Minerals