Metalite Announces Non-Brokered Private Placement of Units and Concurrent Debt Settlement

Core Viewpoint - Metalite Resources Inc. is undertaking a non-brokered private placement to raise up to $465,000 through the issuance of up to 3,100,000 units at a price of $0.15 per unit, with potential for upsizing at the company's discretion [1] Private Placement Details - Each unit consists of one common share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of one common share at $0.25 for two years [2] - The private placement will be available in Canada, the United States, and other jurisdictions under applicable securities laws, with all securities subject to a four-month hold period [3] Finder's Fees - Eligible finders may receive a cash commission of up to 7% of the proceeds from subscriptions they introduce, along with broker units allowing the purchase of one unit at $0.15 for 24 months [4] Use of Proceeds - The gross proceeds from the private placement will be used to fund exploration work on the Arthurs Seat project in New South Wales, Australia, as well as for general corporate purposes and working capital [5] Debt Settlement - The company has entered into debt settlement agreements to settle outstanding indebtedness totaling $352,842, which includes fees owed to management and service providers [6] - As part of the debt settlement, the company will issue 2,352,277 common shares at a deemed price of $0.15 per share [7] Insider Participation - Certain insiders are expected to participate in both the private placement and debt settlement, which will be treated as a related party transaction [9] Regulatory Approval - The private placement and debt settlement are subject to customary closing conditions, including approval from the Canadian Securities Exchange, and may require shareholder approval due to the number of securities issued exceeding 100% of the current outstanding shares [11]