Base Metals

White Metal Resources Corp. (TSXV: WHM) ('White Metal' or 'the Company') further to their news releases of November 23, 2021 and December 9, 2021 the Company announces that it has closed its non-brokered private placement of flow-through shares and non-flow through units for total gross proceeds of $1,749,990 (the "Financing"). The Company notes that due to a high level of investor interest, the private placement was significantly oversubscribed from its initial offering of $600,000 announced on November 23, 2021.

The Company has issued 16,500,000 flow-through shares ("FT Shares") at a price of $0.10 per FT Share, for gross proceeds of $1,650,000. The flow-through shares entitle holders to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).

The Company has also issued 1,111,000 non flow-through units ("Units") at a price of $0.09 per Unit for gross proceeds of $99,990. Each Unit consists of one common share and one half (1/2) of a common share purchase warrant, each full warrant being exercisable for an additional common share of the Company for $0.18 for 24 months form the date of issue.

In connection with the Financing, the Company has paid cash finders' fees, as permitted by the policies of the TSX Venture Exchange, totaling $67,800 and issued 660,000 finders' warrants, with each being exercisable for a common share of the Company at a price of $0.10 for a period of 12 months from the date of issuance.

All securities issued pursuant to the Financing will be subject to a 4-month hold.

The Financing was effected with three insiders of the Company subscribing for $198,000 - 1,980,000 flow-through shares - that portion of the Placement a "related party transaction" as such term is defined under Multilateral Instrument 61- 101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority approval requirements set out in MI 61-101. The Company is exempt from the formal valuation requirement of MI 61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company's market capitalization. Additionally, the Company is exempt from minority shareholder approval under sections 5.7(1)(a) and (b) of MI 61-101 as, in addition to the foregoing, (i) neither the fair market value of the Units nor the consideration received in respect thereof from interested party exceeds $2,500,000, (ii) the Company has one or more independent directors who are not employees of the Company, and (iii) all of the independent directors have approved the transaction. Material change reports were not filed 21 days prior to the closing of the financing because insider participation had not been established at the time the financing was announced.

The proceeds of the Financing will be used to advance White Metal's various exploration projects, and for working capital purposes.

In addition, the Company announces that it has changed its auditor to Wasser Ramsay Chartered Accountants ("Successor Auditor") from De Visser Gray LLP Chartered Professional Accountants ("Former Auditor"). At the request of the Company, the Former Auditor resigned as the auditor of the Company effective December 7, 2021 and the board of directors of the Company appointed the Successor Auditor as the Company's auditor effective December 7, 2021, to hold office until the next annual meeting of the Company.

There were no modified opinions in the Former Auditor's audit reports for the Company's two most recent financial years and ending at the date of the resignation of the Former Auditor. There are no "reportable events" (as the term is defined in National Instrument 51-102: Continuous Disclosure Obligations ("NI 51-102")) between the Company and the Former Auditor.

In accordance with NI 51-102, the notice of change of auditor, together with the required letters from the Former Auditor and the Successor Auditor, have been filed on SEDAR.

About White Metal Resources Corp.

White Metal Resources Corp. 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, Ontario, Canada and the Okohongo Copper-Silver Project in Namibia, Africa. For more information about the Company please visit www.whitemetalres.com.

On behalf of the Board of Directors

"Michael Stares"

President & CEO

For further information contact:

Michael Stares
President & CEO
White Metal Resources Corp.
684 Squier Street
Thunder Bay, ON P7B 4A8
Phone: +1 (807) 358-2420

Nancy Massicotte
Investor Relations
White Metal Resources Corp.
Phone: +1 (604) 507-3377
TF: +1 (866) 503-3377
Email: ir@whitemetalres.com

Thomas Do
Investor Relations Manager
CHF Capital Markets
Phone: +1 (416) 868-1079 x 232
Email: thomas@chfir.com

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS 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 projections.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107730

News Provided by Newsfile via QuoteMedia

WHM:CA
White Metal Drilling Expands Bench Zone, Returning 105 Metres of 0.91 g/t Au from the Tower Mountain Gold Project, Ontario

White Metal Drilling Expands Bench Zone, Returning 105 Metres of 0.91 g/t Au from the Tower Mountain Gold Project, Ontario

White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC Pink: TNMLF) ("White Metal" or the "Company") is pleased to announce that it has received additional drill results from its ongoing Phase 3 drilling program at its flagship Tower Mountain Gold Project (the "Project" or "Property"). The two drill holes TM-21-120 and TM-21-121 were designed to test the down dip and expansion of the Bench Zone and the Company is very pleased to report that both holes were successful in expanding the Bench Zone. The Phase 3 drilling program was designed to further test the encouraging results received from the Company's Phase 1 and 2 drilling programs previously reported that have been testing multiple gold zones (Figure 1).

Table 1: Summary of recent core assay results from two holes, current Phase 3 drilling program, Bench Zone.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
White Metal Reports "A Zone" Drilling Returns 21.0 Metres Grading 4.05 g/t Au, Tower Mountain Gold Project, Ontario

White Metal Reports "A Zone" Drilling Returns 21.0 Metres Grading 4.05 g/t Au, Tower Mountain Gold Project, Ontario

White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC Pink: TNMLF) ("White Metal" or the "Company") is pleased to announce that it has received core assay results from the first three diamond drill holes from its Phase 3 drilling program at its flagship Tower Mountain Gold Project (the "Project" or "Property"). These first three holes were designed to test the strike extent of the A Zone with all three holes intersecting broad intervals of gold mineralization.

  • TM-21-117: 30.0 m grading 1.30 g/t Au (from 5.0 m).
  • TM-21-118: 49.5 m grading 1.01 g/t Au (from 8.0 m), including 24.0 m grading 1.8 g/t Au.
  • TM-21-119: 21.5 m grading 4.05 g/t/Au (from 6.5 m).

Michael Stares, President and CEO of White Metal, commented, "We would like to wish all our shareholders a happy and prosperous 2022 and look forward to this year's very exciting exploration program. We are delighted to report the first assay results from the A Zone drilling that continue to deliver excellent intercepts of gold mineralization, demonstrating that this zone is open for expansion. Encouraged by the success of the Company's Phase 1 and Phase 2 drilling programs, these early results from Phase 3 drilling indicate that the Tower Mountain Gold Project continues to grow while showing potential to host near-surface low-grade bulk tonnage and high-grade gold mineralization. As we await further assay results from the Bench Zone, D Zone and 110 Zone, the current Phase 3 drilling program is targeting the Ellen Zone and the Star Zone, among others."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
White Metal Announces Private Placement Financing

White Metal Announces Private Placement Financing

White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC PINK: TNMLF) ("White Metal" or the "Company") is pleased to announce that, subject to all regulatory approvals, the Company intends to complete a non-brokered private placement of flow-through shares and non flow-through units (the "Private Placement") for combined aggregate gross proceeds of up to $600,000. The Private Placement is expected to close on or before December 15, 2021.

The Company intends to issue up to 5,000,000 flow-through shares ("FT Shares") at a price of $0.10 per FT Share, for gross proceeds of $500,000. 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).

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
White Metal Partner Noronex Continues Drilling at DorWit Copper-Silver Project, Namibia with Two Rigs at Witvlei Property and Initial Results Confirming Soil Anomalies

White Metal Partner Noronex Continues Drilling at DorWit Copper-Silver Project, Namibia with Two Rigs at Witvlei Property and Initial Results Confirming Soil Anomalies

White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC Pink: TNMLF) ("White Metal" or the "Company") is pleased to provide an exploration update from its Australian joint venture partner Noronex Limited (ASX: NRX) ("Noronex") on the DorWit Copper-Silver Project (the "Project"), located in the Kalahari Copperbelt of central Namibia (see Noronex news release dated November 16, 2021). The Namibian Project comprises three Exclusive Prospecting Licences (EPLs) that cover 72,000 hectares, referred to as the Witvlei (EPL 7028 and EPL 7029) and Dordabis (EPL 7030) properties. The Project is prospective for sedimentary-hosted Cu-Ag mineralization within the prolific Kalahari Copper Belt that spans Namibia and Botswana. The focus of the current exploration efforts will be on the Witvlei Property that comprises EPL 7028 and 7029 (Figure 1).

Highlights

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
White Metal Cuts 20.74 Metres Grading 2.81 g/t Gold in Trenching Program, Correlating with Drilling Results at Depth, Tower Mountain Gold Project, Ontario

White Metal Cuts 20.74 Metres Grading 2.81 g/t Gold in Trenching Program, Correlating with Drilling Results at Depth, Tower Mountain Gold Project, Ontario

White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC Pink: TNMLF) ("White Metal" or the "Company") is pleased to announce that it has received assay results from the A Zone trenching program at the Tower Mountain Gold Project (the "Project" or "Property"). The Company mapped and channel sampled the A Zone to gain a better understanding of the controls on high-grade gold mineralization which proved very effective in tracing this zone at surface. The Company is very encouraged with the results of the channel sample assays which correlate well with similar results reported from drill hole TM-21-108 that assayed 3.94 gt Au over 23.8 m (from near surface) (Table 1; see also WHM news release dated October 21, 2021). White Metal has commenced a Phase 3 drilling program with 4,300 metres planned to test the many gold zones on the Property of which approximately 1,000 metres will target the A Zone.

Michael Stares, President and CEO of White Metal, commented, "The A Zone channel sampling program turned out to be very successful and we have now demonstrated that gold mineralization in this area is continuous at surface and correlates well with recent drilling. This program has given us enough structural knowledge to target the A Zone along strike and down-dip. We have so many great gold targets to follow-up on during our Phase 3 drilling program and the A Zone, although a key part of moving the Project forward, is just one of many excellent targets. As we move through the third phase of drilling, I look forward to sharing the results with our shareholders."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Hot Chili Limited

Another High Grade Boost for Cortadera 658m at 0.6% CuEq including 130m at 0.9% CuEq

Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) (“Hot Chili” or “Company”) is pleased to report another outstanding drill result at the Cortadera porphyry deposit, part of the Company’s Costa Fuego, coastal range, copper-gold hub in Chile.

Highlights

Keep reading...Show less
Atico Mining

Atico Mining Corporation Announces EIA approval for its 100% owned La Plata Project in Ecuador

Atico Mining Corporation (the "Company" or "Atico") (TSX.V: ATY | OTC: ATCMF) is pleased to announce that it has received approval of the Environmental Impact Assessment ("EIA") for the construction and operations of its La Plata mining project located in Ecuador (the "La Plata project").

The La Plata project has been identified by President of Ecuador, Guillermo Lasso as a strategic project and a component of the country's reactivation plan. As a part of this plan, President Lasso has committed to accelerating the restart of the country's economy by leveraging the potential of its mining industry while positioning Ecuador as a major mining investment destination in Latin America.

Keep reading...Show less
LME Copper vs. COMEX Copper

LME Copper vs. COMEX Copper

For those new to copper investing, keeping track of copper prices can be confusing. Below is a look at the different metals exchanges that copper investors should know about.

Copper traded on the London Metal Exchange (LME), or LME copper, is priced per metric ton (MT), but COMEX copper, or contracts traded on the COMEX division of the New York Mercantile Exchange (NYMEX), are priced per pound.

Both markets provide valuable information for those following the copper market or investing in copper stocks. Here’s a short overview of both LME copper and COMEX copper, and why it’s important for investors to know what they are.

Keep reading...Show less

Turquoise Hill Announces Amendment to Comprehensive Financing Arrangement with Rio Tinto

Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ) ("Turquoise Hill" or the "Company") today announced that the Company and Rio Tinto International Holdings Limited ("Rio Tinto") have agreed to amend the comprehensive funding arrangement to, among other things, provide interim debt funding from Rio Tinto to address the Company's near-term estimated funding requirements and to extend the date by which Turquoise Hill is required to raise additional equity capital.

On March 14, 2022, Rio Tinto announced a non-binding proposal to acquire the approximately 49% of the outstanding shares of Turquoise Hill held by the Company's minority shareholders for cash consideration of C$34.00 per share (the "Proposal"). In response to the Proposal, the Board of Directors of the Company formed a special committee of independent directors (the "Special Committee") to review and consider the Proposal. The mandate of the Special Committee includes responsibility for considering the Company's liquidity needs and financing options pending the Company's consideration of the Proposal.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Trailbreaker Resources Ltd

Trailbreaker Resources Acquires the Eagle Lake Property in South-Central BC, Adjacent to Woodjam Copper

Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) is pleased to announce the acquisition of the Eagle Lake property in south-central BC (British Columbia). The property was acquired through a combination of staking and a sale agreement with Teck Resources Limited (“Teck”) on their Takomkane property.

Eagle Lake Location Map (See high resolution version)

Highlights of the new Eagle Lake property

Keep reading...Show less

Copper Pathway to 2030 Webinar Hosted by RFC Ambrian and Stonegate Capital Partners

Copper is one of the key commodities that will enable the global energy transition to move the world to a zero-carbon future.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

  • Copper is one of the key commodities that will enable the global energy transition to move the world to a zero-carbon future
  • Copper industry faces a range of challenges over the coming decade to meet anticipated demand
  • Copper Pathway to 2030 is bringing together four of the leading industry players who will be providing solutions

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/7294/124539_final%20logo%20051622_550.jpg

Click image above to view full announcement.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×