Metallic Minerals closes C$10.3M private placement financing

Metallic Minerals Corp. (TSXV: MMG)(OTCQB: MMNGF)(FSE: 9MM1) has closed a bought deal private placement, raising aggregate gross proceeds of C$10,294,335.80, including the partial exercise of an underwriters' option, according to a company statement.

The offering consisted of 18,906,985 units priced at C$0.28 each, generating C$5,293,955.80, and 12,988,000 flow-through units priced at C$0.385 each, generating C$5,000,380. Each unit includes one common share and one-half of a common share purchase warrant. Each whole warrant is exercisable at C$0.40 per share from Aug. 22, 2026 through June 22, 2029.

Red Cloud Securities Inc. served as lead underwriter and sole bookrunner, alongside ATB Capital Markets Corp. and Integrity Capital Group Inc. The underwriters received aggregate cash fees of C$666,672.66 and 1,747,627 broker warrants exercisable at C$0.28 per share through June 22, 2029.

The company said proceeds from the unit sale will fund exploration at its La Plata copper-silver-gold project in southwestern Colorado and cover general corporate purposes. Proceeds from the flow-through units will be applied to eligible Canadian exploration expenses at the Keno Silver project in Yukon Territory on or before Dec. 31, 2027, with qualifying expenditures to be renounced in favor of subscribers effective Dec. 31, 2026.

The closing remains subject to final approval from the TSX Venture Exchange. Securities issued to Canadian purchasers under the listed issuer financing exemption are immediately freely tradeable under applicable Canadian securities laws. The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States.

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