Metallic Minerals Closes Final Tranche of $2 Million Flow-Through Private Placement Financing

VANCOUVER, BC / ACCESSWIRE / July 3, 2024 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) has completed the second and final tranche of its non-brokered private placement. This final tranche raised $425,000 through the issuance of 1,062,500 flow-through common shares at $0.40 per share, bringing the total proceeds to $2,025,000.

CEO Greg Johnson remarked on the successful funding, emphasizing its role in advancing the Keno Silver and Klondike Gold projects. The funds will support drilling and exploration at the Formo target in the Keno Silver project, as well as the development of alluvial gold royalty properties in the Yukon. Field activities are also underway at the La Plata project in Colorado.

The proceeds will be allocated toward eligible Canadian Exploration Expenses, as defined by the Canadian Income Tax Act. All securities from the offering are subject to a four-month hold period, and the transaction is pending TSX Venture Exchange approval.

Certain directors and officers purchased 127,500 shares for $51,000, classified as a related party transaction under Multilateral Instrument 61-101 but exempt from formal valuation and minority approval requirements.

All securities issued are not registered under the U.S. Securities Act and may not be offered or sold in the U.S. without proper exemptions.