Metalsource Mining Closes Private Placement

Core Viewpoint - Metalsource Mining Inc. has successfully closed a non-brokered private placement, raising a total of $1,020,000 to fund its exploration projects and general working capital [1]. Group 1: Offering Details - The company issued 3,400,000 units at a price of $0.30 per unit, with each unit consisting of one common share and one-half of a share purchase warrant [2]. - Each warrant allows the holder to acquire one additional common share at an exercise price of $0.40 for a period of two years from the closing date [2]. - The units are subject to a four-month and one-day hold period under Canadian securities laws, and no finders fees were paid in connection with the offering [3]. Group 2: Major Shareholder Information - Eric Sprott, through 2176423 Ontario Ltd., acquired all 3,400,000 units for a total consideration of $1,020,000 [4]. - Following the offering, Mr. Sprott now beneficially owns or controls 10,900,000 shares and 5,450,000 warrants, representing approximately 17.5% of the outstanding shares on a non-diluted basis and 24.1% on a partially-diluted basis [5]. Group 3: Use of Proceeds - The proceeds from the offering will be used to advance exploration at the Silver Hill and Byrd-Pilot projects in North Carolina, focusing on expanding Silver Hill's silver potential [8]. - Additionally, funds will support ongoing work on the Aruba manganese project in Botswana and provide general working capital [8]. Group 4: Company Overview - Metalsource Mining Inc. is engaged in the acquisition, exploration, and development of mineral property assets, with a focus on economic precious and base metal properties [9]. - The Aruba Property, located in Botswana, covers 4,663 square kilometers and is prospective for platinum group metals, gold, silver, and manganese mineralization [9].