/NOT FOR DISTRIBUTION TO
UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, July 27, 2020 /CNW/ - Metallic Minerals
Corp. (TSXV: MMG) (OTC: MMNGF) ("Metallic
Minerals" or the "Company") is pleased to announce that it
has amended the terms of its previously announced offering of
units. Under the amended terms of the Offering (as defined below),
Canaccord Genuity Corp. (the "Lead Underwriter"), as lead
underwriter and sole bookrunner on behalf of a syndicate of
underwriters including Red Cloud Services Inc. and Mackie Research
Capital Corporation (collectively with the Lead Underwriter, the
"Underwriters"), has agreed to purchase, on a bought deal private
placement basis, 20,000,000 units of the Company (the "Units"), at
a price of C$0.40 per Unit (the
"Issue Price"), for gross proceeds of C$8,000,000 (the "Offering"). There will no
longer be an option for the Underwriters to increase the size of
the Offering.
Each Unit will consist of one common share of the Company (a
"Unit Share") and one-half of one common share purchase warrant
(each whole common share purchase warrant, a "Warrant"). Each
Warrant will be transferrable and entitle the holder to acquire one
common share of the Company for 24 months from the closing of the
Offering at a price of C$0.60.
The net proceeds received from the Offering will be used for the
Company's exploration and development activities and for general
corporate purposes.
It is anticipated that closing of the Offering will occur about
mid-August or such other date as the Company and the Lead
Underwriter may agree. The Offering is subject to the satisfaction
of certain conditions, including receipt of all applicable
regulatory approvals including the approval of the TSX Venture
Exchange. The securities to be issued under the Offering will have
a hold period of four months and one day from the applicable
closing date in accordance with applicable securities laws.
In consideration for their services, the Underwriters will
receive a cash commission equal to 6.0% of the gross proceeds of
the Offering (reduced to 3.0% for purchasers on the President's
List) and broker warrants in an amount equal to 6.0% of the number
of Units issued under the Offering (reduced to 3.0% for purchasers
on the President's List) exercisable for a period of 24 months at
the Issue Price.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of any
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful, including any of the
securities in the United States of
America. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "1933 Act") or any state securities laws and may not
be offered or sold within the United
States or to, or for account or benefit of, U.S. Persons (as
defined in Regulation S under the 1933 Act) unless registered under
the 1933 Act and applicable state securities laws, or an
exemption from such registration requirements is available.
About Metallic Minerals
Metallic Minerals Corp. is a growth stage exploration company,
focused on high-grade silver and gold in underexplored brownfields
mining districts. Our objective is to create shareholder value
through a systematic, entrepreneurial approach to exploration in
the Keno Hill silver district, La
Plata silver-gold-copper district, and Klondike gold
district through new discoveries and advancing resources to
development. All three districts have seen significant mineral
production and have existing infrastructure, including power and
road access. Metallic Minerals is led by a team with a track record
of discovery and exploration success on several major precious and
base metal deposits, as well as having large-scale development,
permitting and project financing expertise.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and
base metals exploration companies, with a portfolio of large,
brownfields assets in established mining districts adjacent to some
of the industry's highest-grade producers of silver and gold,
platinum and palladium, and copper. Member companies include
Metallic Minerals in the Yukon's
high-grade Keno Hill silver district and La Plata silver-gold-copper district of
Colorado, Group Ten Metals in the
Stillwater PGE-nickel-copper district of Montana, and Granite Creek Copper in the
Yukon's Minto copper district. The founders and team
members of the Metallic Group include highly successful
explorationists formerly with some of the industry's leading
explorer/developers and major producers. With this expertise, the
companies are undertaking a systematic approach to exploration
using new models and technologies to facilitate discoveries in
these proven, but under-explored, mining districts. The Metallic
Group is headquartered in Vancouver,
BC, Canada and its member
companies are listed on the Toronto Venture, US OTC, and
Frankfurt stock exchanges.
Forward-Looking Statements
Forward Looking Statements: This news release includes certain
statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical
facts including, without limitation, statements regarding including
the closing date of the Offering and the use of proceeds of the
Offering, risks relating to the ability of the Company to obtain
required regulatory approvals, complete definitive documentation,
fulfill all conditions precedent, complete the Offering on the
terms announced, and future plans and objectives of the company are
forward-looking statements that involve various risks and
uncertainties. Although Metallic Minerals believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements.
Forward-looking statements are based on a number of material
factors and assumptions. Factors that could cause actual results to
differ materially from those in forward-looking statements include
failure to obtain necessary approvals, unsuccessful exploration
results, changes in project parameters as plans continue to be
refined, results of future resource estimates, future metal prices,
availability of capital and financing on acceptable terms, general
economic, market or business conditions, risks associated with
regulatory changes, defects in title, availability of personnel,
materials and equipment on a timely basis, accidents or equipment
breakdowns, uninsured risks, delays in receiving government
approvals, unanticipated environmental impacts on operations and
costs to remedy same, and other exploration or other risks detailed
herein and from time to time in the filings made by the companies
with securities regulators. Readers are cautioned that mineral
resources that are not mineral reserves do not have demonstrated
economic viability. Mineral exploration and development of mines is
an inherently risky business. Accordingly, the actual events may
differ materially from those projected in the forward-looking
statements. For more information on Group Ten and the risks and
challenges of their businesses, investors should review their
annual filings that are available at www.sedar.com
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.
SOURCE Metallic Minerals Corp.