Metallic Minerals completes 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 announced July 30.

The Vancouver-based mineral exploration company sold 25,000,100 units at C$0.24 per unit. Each unit consists of one common share and one-half of a common share purchase warrant. The warrants allow holders to purchase one common share at C$0.34 until July 30, 2027.

Cormark Securities Inc. served as lead agent, with Canaccord Genuity Corp., SCP Resource Finance LP, and Beacon Securities Limited acting as additional agents for the offering.

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

Newmont Corporation indicated it intends to exercise participation rights to maintain its proportional shareholding in the company. The participation stems from an investor rights agreement dated May 18, 2023.

A separate non-brokered private placement is expected to accommodate participation by management, insiders, and Newmont. This transaction will constitute a related party transaction under applicable securities regulations.

The agents received aggregate cash fees of C$247,530.24 and 1,031,375 non-transferable broker warrants exercisable at C$0.34 per share until July 30, 2027. The company also paid C$29,000 in finder's fees to other parties.

Securities issued to management and insiders will be subject to a hold period expiring four months and one day following the issue date.

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