MTB Metals (TSX-V:MTB, OTCQB:MBYMF) told investors it has closed its previously announced non-brokered private placement, raising total gross proceeds of $1.12 million which will be targeted at exploration on its Telegraph copper-gold project in British Columbia’s Golden Triangle.
The company raised $992,502 through the sale of 5,513,900 flow-through units at $0.18 each and a further $128,000 through the sale of 800,000 units at $0.16 each.
It paid cash of $50,298 in finder's fees and also issued 280,339 finder's warrants.
"With this top-up financing, we are expanding the drill program at Telegraph,” CEO Lawrence Roulston, said in a statement.
“The focus will remain on the Dok Trend, where initial drill results are highly encouraging, with sulphide mineralization encountered in drill holes 2.5 kms apart. In addition, the geological crew will be conducting further work on the Strata Trend and the Yeti Trend, both of which are prospective for additional porphyry mineralized centers."
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 the author at stephen.gunnion@proactiveinvestors.com