Mr. Michael Stares reports
WHITE METAL ANNOUNCES PRIVATE PLACEMENT FINANCING
White Metal Resources Corp. intends to complete a non-brokered private placement of flow-through shares and non-flow-through units for combined aggregate gross proceeds of up to $600,000. The private placement is expected to close on or before Dec. 15, 2021.
The company intends to issue up to five million flow-through shares at a price of 10 cents per FT share, for gross proceeds of $500,000. The flow-through shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
The company also intends to issue up to 1,111,111 non-flow-through units at a price of nine cents per unit for gross proceeds of up to $100,000. Each unit will consist of one common share and one-half of a common share purchase warrant, each full warrant being exercisable for an additional common share of the company for 18 cents for 24 months from the date of issue.
The securities issued pursuant to the private placement are subject to a hold period of four months and one day in accordance with applicable securities laws.
In connection with the private placement, the company may pay finder's fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange. All securities issued pursuant to the private placement will be subject to a four-month and one-day hold period. The private placement is subject to approval by the TSX Venture Exchange.
The proceeds of the financing will be used to advance White Metal's various exploration projects, and for working capital purposes.
About White Metal Resources Corp.
White Metal Resources is a junior exploration company exploring in Canada and southern Africa. The company's two key properties are the flagship Tower Mountain gold project in Thunder Bay, Ont., Canada, and the Okohongo copper-silver project in Namibia, Africa.
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