Canada NewsWire
TORONTO, Jan. 21, 2022
TORONTO, Jan. 21, 2022 /CNW/ - Melius Metals Corp. ("Melius" or the "Company") is pleased to announce that it has completed its non-brokered private placement (the "Private Placement") consisting of 5,475,000 units (the "Units") at a price of $0.25 per Unit for gross proceeds of $1,368,750. Each Unit consists of one (1) common share of the Company (each, a "Share") and one-half-of-one (1/2) Share purchase warrant (each, a "Warrant"). Each full Warrant entitles the holder thereof to purchase one (1) additional Share of the Company for a period of 36-months from closing at a price of $0.40 per Share. The Company currently has a cash balance of $2,437,600 as January 19, 2022.
Corporate Update
Several milestones have been achieved by the Company since the signing the option agreement dated June 30th, 2021, with Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) ("Puma"). In summary, the Company has:
In its outlook into the first half of 2022, the Company plans to announce drill results from its 26-hole campaign at the Chester Project as-well as issue an updated Mineral Resource Estimate for the property.
Melius is currently finalizing its preliminary prospectus for Canadian Stock Exchange listing and estimates draft submittal no later than January 31, 2022. Subject to regulatory approval, Melius shares are expected to commence public trading in Q2 2022.
Qualified Person
Dominique Gagné, P. Geo, independent qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. Neither 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. Mr. Gagné is independent of the Company.
ABOUT MELIUS METALS
Melius Metals is a Canadian-based mineral exploration company with a copper and base metals portfolio of historical resources and grassroots projects. The Company is focused on the prolific Bathurst Mining Camp (BMC) of New Brunswick, Canada.
SOURCE Melius Metals Corp.
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