Thunder Bay, Ontario--(Newsfile Corp. - February 5, 2021) - White Metal Resources Corp. (TSXV: WHM) ("White Metal" or the "Company") Further to its January 18, 2021 news release the Company announces that it has increased its private placement financing from $2 million to up to $2,213,000.
On receipt of all regulatory approvals, the Company intends to issue up to 4,715,385 flow-through units at a price of $0.13 per flow-through unit, each consisting of 1 flow-through common share of the Company and one common share purchase warrant, with each warrant entitling the holder to acquire an additional common share of the Company at $0.20 for a period of 24 months from the date of issue, and up to 17,777,778 non-flow-through units at a price of $0.09 per unit each consisting of 1 common share of the Company and 1 common share purchase warrant, with each warrant entitling the holder to acquire an additional common share of the Company at $0.20 for 24 months from the date of issue, for aggregate gross proceeds of $2,213,000. 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).
Finders Fees may apply to this private placement and all securities issued will be subject to a four-month hold period.
Proceeds of the financing will be used to advance the Company's Tower Stock Gold Property and for working capital purposes.
About White Metal Resources Corp (TSXV: WHM):
White Metal Resources Corp is a junior exploration company exploring in Canada.
For more information in regards to White Metal Resources Corp. you can visit the company's Web Page at www.whitemetalres.com.
On behalf of the Board of Directors of White Metal Resources Corp.
"Michael Stares"
President & CEO, Director
For further information contact:
Michael Stares
President & CEO, Director
684 Squier Street
Thunder Bay, Ontario, Canada, P7B 4A8
Phone: (807) 358-2420
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/73772
