Metalsource Mining closes $6 million private placement

Metalsource Mining Inc. (CSE: MSM) (OTCQB: SFRIF) (FSE: E9Z) completed a non-brokered private placement raising $6 million in gross proceeds, the company announced.

The Vancouver-based mineral exploration company issued 7,999,998 units at $0.75 per unit. Each unit includes one common share and one-half of a transferable share purchase warrant. Each full warrant allows the holder to purchase one additional common share at $1.00 for three years from the closing date.

Eric Sprott, through 2176423 Ontario Ltd., acquired 1,333,333 units for $1 million as part of the offering. The units are subject to a four-month and one-day hold period under Canadian securities laws. No finder's fees were paid.

The company plans to use the proceeds to advance exploration at its Silver Hill and Byrd-Pilot projects in North Carolina and for general working capital purposes.

The private placement follows the company's February 10 announcement regarding the offering, according to the press release statement.

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