Metallic Minerals upsizes private placement to C$10 million

Metallic Minerals Corp. (TSXV: MMG) increased the gross proceeds of its private placement offering from C$8 million to C$10 million due to investor demand, the company announced.

The Vancouver-based exploration company entered an amended agreement with Red Cloud Securities Inc. as lead underwriter for the bought deal offering. The placement consists of 17.9 million units priced at C$0.28 each for gross proceeds of C$5 million, and 13 million flow-through units at C$0.385 each for another C$5 million.

Each unit includes one common share and half of one warrant. The warrants allow holders to purchase additional shares at C$0.40 within 36 months, starting 61 days after closing. The flow-through units qualify for Canadian tax benefits under the Income Tax Act.

Underwriters have an option to purchase up to C$2 million in additional securities before closing, scheduled for June 22, 2026, subject to regulatory approvals including TSX Venture Exchange approval.

The company plans to use proceeds from regular units for exploration at its La Plata Project in southwestern Colorado and general corporate purposes. Flow-through unit proceeds will fund Canadian exploration expenses at the Keno Silver Project in Yukon Territory by December 31, 2027.

The offering will be available to purchasers in Alberta, British Columbia, Manitoba, Ontario, Saskatchewan and Quebec under the listed issuer financing exemption. Securities will also be offered in the United States through private placement exemptions and in other jurisdictions following applicable laws.

Metallic Minerals focuses on copper, silver, gold and critical minerals exploration at projects in Colorado and Yukon Territory. The company has backing from strategic investors including Newmont Corporation and Eric Sprott.

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