Mr. Michael Stares reports
WHITE METAL ANNOUNCES INCREASE TO PRIVATE PLACEMENT FINANCING
Further to the Nov. 23, 2021, news release, subject to all regulatory approvals, White Metal Resources Corp. has increased the flow-through portion of its private placement financing to up to $2-million. The financing is expected to close on or before Dec. 15, 2021.
The company now intends to issue up to 20 million flow-through shares at a price of 10 cents per FT share for gross proceeds of $2-million. 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 common share purchase warrant, with each full warrant being exercisable for an additional common share of the company at 18 cents for 24 months from the date of issue.
All securities issued pursuant to the financing will be subject to a four-month hold.
In connection with the financing, the company may pay finders' 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 financing will be subject to a four-month-and-one-day hold period. The financing is subject to approval by the TSX-V.
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 Stock gold project in Thunder Bay, Ont., Canada, and the Okohongo copper-silver project in Namibia, Africa.
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