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Metalite Resources ( (TSE:METL) ) has shared an announcement.
Metalite Resources plans to raise up to $465,000 through a non-brokered private placement of up to 3.1 million units at $0.15 each, with each unit comprising one common share and a half warrant exercisable at $0.25, and may increase the size of the financing subject to exchange approval. The proceeds will be directed mainly to exploration at the Arthurs Seat project in Australia and general corporate purposes, while a concurrent debt settlement will see the company issue over 2.35 million shares at $0.15 to extinguish $352,842 in liabilities owed to management and service providers, a move the board says will preserve cash and strengthen the balance sheet; both transactions involve insider participation, are subject to Canadian Securities Exchange and shareholder approvals, and will significantly expand the company’s share count.
More about Metalite Resources
Metalite Resources Inc. is a junior mining and exploration company listed on the Canadian Securities Exchange, OTC and Frankfurt markets, with a focus on mineral exploration projects including its Arthurs Seat project in New South Wales, Australia. The company’s activities center on acquiring and advancing exploration-stage assets, funded primarily through equity financings and strategic capital management initiatives.
Average Trading Volume: 8,687
Technical Sentiment Signal: Buy
Current Market Cap: C$931.1K
For a thorough assessment of METL stock, go to TipRanks’ Stock Analysis page.