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FINWIRES

Metallis Resources Closes C$1.17 Million Private Placement

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Metallis Resources (MTS.V) said Wednesday afternoon that it closed its private placement, raising gross proceeds of about C$1.17 million.

The final amount was revised from the previously announced C$1.20 million after one subscription did not complete, the company added.

The financing consisted of about 7.8 million units priced at C$0.15 per unit. Each unit includes one common share and one-half of a non-transferable share purchase warrant. Each full warrant allows the holder to purchase one additional common share at C$0.20 for a period of three years, the company said.

The financing remains subject to final regulatory approvals and acceptance by the TSX Venture Exchange. Proceeds will be used to fund exploration at the Greyhound Property and for working capital, Metallis said in a news release.

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