New Issue: MetalCorp settles C$700,000 of C$1.5 million placement of units

By Devika Patel

Knoxville, Tenn., Dec. 16 - MetalCorp Ltd. said it raised C$700,000 in the first tranche of a C$1.5 million non-brokered private placement of units. The deal priced Nov. 23 and was amended on Dec. 10.

The company is selling 8,108,108 units of one flow-through common share and one half-share warrant at C$0.185 per unit. It sold 3,783,782 units in this tranche. Each whole two-year warrant will be exercisable at C$0.35 in the first year and at C$0.45 thereafter.

Proceeds will be used for exploration.

MetalCorp is a mineral exploration company based in Toronto.

Issuer:	MetalCorp Ltd.
Issue:	Units of one flow-through common share and one half-share warrant
Amount:	C$1.5 million
Units:	8,108,108
Price:	C$0.185
Warrants:	One half-share warrant per unit
Warrant expiration:	Two years
Warrant strike price:	C$0.35 in the first year, C$0.45 thereafter
Agent:	Non-brokered
Pricing date:	Nov. 23
Amended:	Dec. 10
Settlement date:	Dec. 16 (for C$700,000)
Stock symbol:	TSX Venture: MTC
Stock price:	C$0.18 at close Nov. 20
Market capitalization:	C$6.87 million

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