MTB Metals (TSX-V:MTB, OTCQB:MBYMF) Corp has announced a non-brokered private placement to raise gross proceeds of up to C$1 million from the sale of any combination of flow-through (FT) company units, at a price of C$0.18 per FT unit, and non-flow through company units at a price of C$0.16 per unit.
The resource projects developer said it intends to use the proceeds of the offering for exploration of its projects in the Golden Triangle region of northern British Colombia.
Each FT unit will consist of one MTB Metals (TSX-V:MTB, OTCQB:MBYMF) common share plus one half of one common share purchase warrant, with each FT unit warrant entitling the holder to purchase one company common share at a price of C$0.25 for a period of 24 months following the issue date.
Each non-flow through unit will consist of one company common share plus one common share purchase warrant, with each unit warrant entitling the holder to purchase one warrant share at a price of C$0.18 for a period of 24 months following the issue date.
MTB noted that Red Cloud Securities Inc. will be acting as a finder in connection with the offering, and finder's fees will be payable in accordance with the policies of the TSX Venture Exchange.
All shares issued through the private placement will be subject to a hold period ending on the date that is four months plus one day following the issue date in accordance with applicable securities laws.
As well, the company reported an expansion of the drill program presently underway at the Telegraph porphyry copper-gold project, with the intention of locating and mobilizing a second drill rig.
MTB added that further details will be announced shortly.
MTB Metals has six active projects spanning 670 square kilometres in the Golden Triangle region of northern British Columbia, with a focus on the Telegraph project. Discussions are now underway leading to joint ventures and/or spinouts of other projects.
Contact Sean at sean@proactiveinvestors.com