Metalsource Mining Announces Increase to Private Placement

Core Viewpoint - Metalsource Mining Inc. has increased its non-brokered private placement financing by $3,000,000, raising the total number of units from 10,050,000 to 14,050,000 at a price of $0.75 per unit, aiming for gross proceeds of up to $10,537,500 [1][6]. Group 1: Offering Details - Each unit purchased will consist of one common share and one-half of one transferable common share purchase warrant, with each whole warrant allowing the purchase of an additional common share for three years at a price of $1.00 per share [2]. - Eric Sprott, through 2176423 Ontario Ltd., will acquire 1,333,333 additional units for a total consideration of $1,000,000, with the remainder of the offering fully subscribed [3]. Group 2: Related Party Transactions - The issuance of units to Mr. Sprott is classified as a related party transaction under Multilateral Instrument 61-101, with the company relying on exemptions from formal valuation and minority shareholder approval requirements [4]. - Mr. Sprott holds more than 10% of the company's common shares, and his participation in the private placement will not exceed 25% of the fair market value of the company's market capitalization [4]. Group 3: Regulatory and Compliance - All securities issued in connection with the offering will be subject to statutory hold periods in accordance with Canadian securities laws, and the offering is contingent upon receiving all necessary regulatory approvals, including from the Canadian Securities Exchange [6].