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MetalCorp Ltd Announces Proposed Non-Brokered Private Placement Of Units And Flow-Through Common Shares


Friday, 23 Nov 2012 12:22pm EST 

MetalCorp Ltd announced a proposed non-brokered private placement of up to 4,000,000 units (each, a "Unit") at a price of $0.025 per Unit and up to 8,000,000 flow-through common shares (each, a "Flow-Through Common Share") at a price of $0.025 per Flow-Through Common Share for aggregate gross proceeds of up to $300,000 (the "Offering") or such greater number of Units and smaller number of Flow-Through Common Shares aggregating $300,000 as the Company may determine. Each Unit will consist of one common share and one-half of one warrant (each, a "Warrant"). Each whole Warrant will entitle the holder to purchase one common share at a price of $0.05 per share at any time until June 30, 2013, and, thereafter, at a price of $0.10 per share at any time until the expiry date which will be two years following the date of issue. Proceeds from the sale of Flow-Through Common Shares will be used to fund MetalCorp's mineral exploration expenses which qualify as "Canadian Exploration Expenses" (within the meaning of the Income Tax Act (Canada)) on MetalCorp's projects in Ontario. Net proceeds from the sale of Units will be used for MetalCorp's general working capital purposes. 

Company Quote

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20 Oct 2014