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Metals Creek Resources Down 9.1% as It Upsizes Non-Brokered Private Placement

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Metals Creek Resources (MEK.V) fell sharply on Thursday, after the company announced it increased its non-brokered private placement to C$1 million, bringing the aggregate total for flow-through and non-flow-through proceeds up to C$2.5 million from C$2 million.

Shares of the company were last seen down 9.1% at C$0.05 on the TSX Venture Exchange. The company intends to issue up to 20-million non-flow-through units at C$0.05 (NFT units) for up to C$1 million, Metals Creek said in a release after markets closed Wednesday.

Each NFT unit will consist of one non-flow through common share and one non-flow through common share purchase warrant (NFT warrants). Each NFT warrant will entitle the holder to buy an additional non-flow through common share for C$0.08 for a two-year period from the date of issuance.

The company also plans to issue up to 27.3-million flow-through units at C$0.055 (FT units) for up to C$1.5 million. Each FT unit will consist of one flow-through common share (FT shares) and one-half of a non-flow through common share purchase warrant (FT warrants).

Each whole FT warrant will entitle the holder to buy an additional non-flow through common share for C$0.08 per common share for a two-year period from the date of issuance. Closing of the private placement is expected on or before July 31.

Proceeds will be used for exploration on its Newfoundland Hydrogen/Helium projects, its Ogden Gold project and for general working capital needs.

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