September 15, 2015
Vancouver, BC: Metallis Resources Inc. (TSX-V: MTS) (the “Company” or “Metallis Resources”) is pleased to announce that it has closed the first tranche of its previously announced private placement (the “Private Placement”), pursuant to which it has issued 450,000 Units at a price of $0.07 per Unit for aggregate gross proceeds of $31,500. Each unit consists of one flow-through common share of the Issuer (“Share”) and one non-flow-through, non-transferable share purchase warrant (“Warrant”). Each Warrant is exercisable at a price of $0.085 for a period of two years for the purchase of one additional non-flow through common share (“Warrant Share”). The Warrants are subject to an accelerated expiry if, at any time after an initial 4 month hold period expires, the closing price of Metallis Resources’ common shares on the TSX Venture Exchange (the “TSXV”) exceeds $0.15 for any 10 consecutive trading days, in which event the holder will be given notice that the Warrants will expire 30 days following the date of such notice. The Warrants may be exercised by the holder during the 30-day period between the notice and the expiration of the Warrants.
All securities issued under the First Tranche are subject to a hold period expiring four months and one day from the date of issuance pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.
In connection with the closing of the First Tranche, the Company will pay finder’s fees totaling $1,575.
Proceeds from this private placement will be used to fund the 2015 Kirkham Exploration Program. The 2015 exploration program would comprise of bedrock chip/channel sampling, trenching and geological mapping.
On behalf of the Board of Directors:
/s/ “Fiore Aliperti”
Chief Executive Officer, President and Director
For further information:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.