Metallis Resources Announces $2.2-million Financing with Eric Sprott

Metallis Resources Inc. (TSXV:MTS) announced that it has arranged a non-brokered private placement for gross proceeds of $2.2 million with 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott. The financing is expected to close soon.
As quoted in the press release:

Two (2) million units will be issued at $1.10. Each unit will consist of one (1) common share of the Company and one-half of one (1/2) non-transferable share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $1.50 per share for a period of two years from the date of closing. Any finders’ fees and/or agents fees will be paid in accordance with the policies of the TSX Venture Exchange. The private placement is subject to Exchange approval.
Proceeds from the private placement will be used for the 2018 Drilling Program on the Company’s 100%-owned Kirkham Property situated in the heart of the Golden Triangle’s Eskay Camp in northwest British Columbia and for general working capital.

Click here to read the full Metallis Resources Inc. (TSXV:MTS) press release.