White Metal Resources Files for Final Approval of Financing
THUNDER BAY, ONTARIO--(Marketwired - May 5, 2017) - White Metal Resources Corp. (TSX VENTURE:WHM) ("White Metal" or the "Company") wishes to announce that it has closed its previously announced financing (see news release dated April 3, 2017) and has filed documents with the TSX Venture Exchange seeking final approval. Proceeds totaled $225,000 consisting of 4,500,000 flow-through units ("FT Units").
Each FT Unit will be issued at $0.05 and consists of one (1) FT common share and one-half of one common share purchase warrant, each full common share purchase warrant being exercisable at $0.15 cents for 24 months, subject to the right of the Company to accelerate the exercise period if shares of the Company trade at or above $0.20 for a period of 10 consecutive trading days. Proceeds of the financing will be used to progress exploration work on the Company's Shebandowan gold property including soil and lake geochemical sampling, prospecting, and mapping, followed by trenching and drilling of favourable targets.
The common shares comprising the FT Units and the common shares issuable upon exercise of the common share purchase warrants will be subject to a four (4) month hold period commencing on the closing date, being the date of issuance of the units.
Finders fees totaling $2,100 will be paid and 14,000 finders warrants, with each warrant being exercisable for a common share of the Company at a price of $0.15 for 24 months from closing will be issued to certain arms-length individuals.
The financing and associated terms are subject to TSX Venture Exchange approval.
About White Metal Resources Corp (TSX VENTURE:WHM):
White Metal Resources Corp. is a junior exploration company exploring in Canada and currently has 29,616,895 common shares issued and outstanding.
On behalf of the Board of Directors of White Metal Resources Corp.
Michael Stares, President and CEO
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 NEWS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projection.
Contact
Michael Stares
684 Squier St.
Thunder Bay, ON P7B 4A8
(807) 628-7836
(807) 475-7200