White Metal Increases Financing to $540,000
Thunder Bay, Ontario--(Newsfile Corp. - May 27, 2019) - White Metal Resources Corp. (TSXV: WHM) ("White Metal" or the "Company") further to its April 16, 2019 news release, White Metal is pleased to announce that it has increased its non-brokered private placement unit (the "Units") financing (the "Financing") from $300,000 to $540,000 and has today filed documents with the TSX Venture Exchange (the "Exchange") for approval to close the financing.
On approval, the Company will issue 10,800,000 Units, each Unit consisting of one (1) common share of the Company and one (1) common share purchase warrant (the "Warrants"), each Warrant entitling the holder to purchase one additional common share of the Company at $0.10 for a period of two (2) years from the date of issuance.
Subject to Exchange approval, a cash finders' fee of $3,500 will be paid and 70,000 broker warrants, exercisable at $0.10 for 2 years, will be issued.
All securities issued pursuant to this Financing will be subject to a four (4) month statutory hold.
Funds raised in the Financing will be used towards the Company's gold projects in Newfoundland, its proposed purchase of projects in Namibia (see May 13, 2019 news release), and for general working capital purposes.
About White Metal Resources Corp (TSXV: WHM)
White Metal Resources Corp. is a junior exploration company currently exploring in Canada and looking for opportunities world-wide. For more information please visit the Company's website at www.whitemetalres.com.
On behalf of the Board of Directors of White Metal Resources Corp.
Michael Stares, President & 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 release.
For further information contact:
684 Squier Street
Thunder Bay, Ontario, Canada, P7B 4A8
Phone: (807) 628-7836
Fax (807) 475 7200
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45060