Metallic Minerals closes C$6 million private placement financing

Metallic Minerals Corp. (TSX-V: MMG) completed a brokered private placement financing that raised C$6,000,024 in gross proceeds. The company sold 25,000,100 units at C$0.24 per unit, with each unit consisting of one common share and half of one warrant.

Each warrant allows the holder to purchase one common share at C$0.34 until July 30, 2027. The financing included the full exercise of an over-allotment option.

Cormark Securities Inc. served as lead agent, with Canaccord Genuity Corp., SCP Resource Finance LP, and Beacon Securities Limited acting as co-agents. The agents received aggregate cash fees of C$247,530.23 and 1,031,375 non-transferable broker warrants exercisable at C$0.34 per share until July 30, 2027.

The company plans to use the proceeds to advance its La Plata copper-silver-gold-PGE project in southwestern Colorado and exploration at its Keno Silver project in Yukon, Canada, along with working capital and general corporate purposes.

Newmont Corporation indicated it intends to exercise participation rights through its subsidiary Newcrest International Pty Ltd. to maintain its proportional shareholding in the company. A separate non-brokered private placement is expected to accommodate participation by management, insiders, and Newmont.

The units were sold in Canada under the listed issuer financing exemption and in the United States pursuant to exemptions from registration requirements. Securities issued to management and insiders will be subject to a four-month-and-one-day hold period.

Metallic Minerals focuses on mineral exploration at projects in Colorado and Yukon Territory, with activities in copper, silver, gold, and platinum group elements.

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