Metalsource Mining announces $4 million private placement with Eric Sprott

Metalsource Mining Inc. (CSE: MSM) announced a non-brokered private placement to raise up to $4 million through the issuance of up to 20 million units at $0.20 per unit.

Eric Sprott will lead the offering by subscribing for 5 million units totaling $1 million. Each unit includes one common share and one-half of one transferable warrant. Each whole warrant allows the holder to purchase one additional common share for three years at CAD $0.30 per share.

The company plans to use proceeds to advance exploration at its Silver Hill and Byrd-Pilot projects in North Carolina, focusing on expanding Silver Hill's silver potential. Funds will also support continued work on the company's Aruba manganese project in Botswana and general working capital.

"Our immediate focus is Silver Hill — a historic silver mine where previous operators outlined mineralized lenses but never systematically drilled for silver," said Joseph Cullen, CEO. "The financing will allow us to take Silver Hill from a historic curiosity to a modern silver growth story."

All securities issued will be subject to a four-month-and-one-day hold period from issuance. The company may pay finder's fees in accordance with Canadian Securities Exchange policies.

Metalsource Mining is engaged in acquisition, exploration and development of mineral properties. The company's Aruba Property covers 4,663 square kilometers in Botswana's Kalahari Desert region, prospective for platinum group metals, gold, silver, and manganese mineralization.

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