August 10, 2017
Vancouver, BC: Metallis Resources Inc. (TSX-V: MTS) (the “Company” or “Metallis Resources”) has increased its private placement previously announced on August 9, 2017 for up to 2,000,000 Units to 2,400,000 Units for gross proceeds of up to $600,000. As previously disclosed, Each Unit consists of one (1) common share of the Company (each, a “Share”) and one-half (1/2) of one non-transferable share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable for the purchase of one (1) additional Share at a price of $0.40 per Warrant for a period of two (2) years. However, within that two year period and after the expiry of the 4 month hold period, the Company may accelerate the expiry date to 30 days after the last of ten (10) consecutive days if and whereby the closing price of the Company’s shares is greater than or equal to $0.50 per share.
Proceeds from the private placement will be used to drill test the King Target and the southern extent of the Hawilson Monzonite body scheduled on August 16, 2017, further exploration on the Kirkham Property and for general working capital. The private placement is subject to TSX-V approval.
About the Kirkham Property
The 10,600 hectare Kirkham Property is located about 65 km north of Stewart within the prolific Golden Triangle. The Property is within 30 kilometres of Pretium’s Brucejack deposit and Seabridge’s KSM deposit and is in between 20 and 40 kilometres of Barrick’s Eskay Creek and Snip Mine.
About Metallis
Metallis Resources Inc is a Vancouver based company focused on the exploration of gold, copper and silver on the 100% owned Kirkham Property situated in northern British Columbia. Metallis Resources Inc. trades under the symbol MTS on the TSX Venture Exchange and currently has 20,826,617 shares issued and outstanding.
On behalf of the Board of Directors:
/s/ “Fiore Aliperti”
Chief Executive Officer, President and Director
For further information:
Tel: 604-688-5077
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. The TSX-V Stock Exchange has neither approved nor disapproved the contents of this news release.