White Metal Resources Applies for Final Aproval of Financing

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White Metal Resources Applies for Final Aproval of Financing

THUNDER BAY, ONTARIO--(Marketwired - Aug. 17, 2016) - White Metal Resources Corp. (TSX VENTURE:WHM) ("White Metal" or the "Company) announces that it has applied to the TSX-Venture Exchange for final approval of its non-brokered private placement of flow-through units ("FT Units") and non-flow-through units ("NFT Units"), (collectively the "Financing"), previously announced July 8, 2016 and July 18, 2016.

The Company has closed the second and final tranche of the Financing and, subject to regulatory approval, will issue 6,051,666 FT Units at a price of $0.06 per FT Unit and 5,083,331 NFT Units at a price of $0.06 per NFT Unit for total gross proceeds of $668,099.96. Each FT Unit consists of one flow-through common share and one-half of a common share purchase warrant ("FT Unit Warrant"), with each full FT Unit Warrant entitling the holder to acquire one additional common share at a price of $0.15 per share for 24 months from closing, and each NFT Unit consists of one common share and one common share purchase warrant ("NFT Unit Warrant") with each NFT Unit Warrant entitling the holder to acquire one additional common share at a price of $0.15 per share for 24 months from closing. The FT Unit Warrants and the NFT Unit Warrants are subject to the right of the Company to accelerate the exercise if the shares of the Company trade at or above $0.25 for a period of 10 consecutive trading days. 

Subject to regulatory approval the Company will pay a total of $30,190 in finder's fees and issue 389,333 broker warrants, with each broker warrant entitling the holder to acquire a common share of the Company at a price of $0.15 per share for 24 months from closing.

The Company further announces that Dr. Elliot Strashin, a director of the Company, purchased 800,000 FT Units bringing his total direct and indirect holdings in the Company to 5,363,919 shares. 

Proceeds of the Financing shall be used to progress exploration work on the Company's Pickle Lake Gold Projects and for general working capital. The Pickle Lake Gold Projects are located in the prolific Pickle Lake gold camp in North Western Ontario. In particular the funds will be used to advance the Dobie gold zone (see WHM press release dated July 4, 2016).

White Metal is a junior mineral exploration company exploring in Canada and currently has 19,316,076 common shares issued and outstanding.

On behalf of the Board of Directors of White Metal Resources Corp.

Michael Stares, President and CEO


The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projection

White Metal Resources Corp.
Michael Stares
President & CEO

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