August 25, 2009
METALS CREEK RESOURCES CORP. ANNOUNCES UP TO $3 MILLION PRIVATE PLACEMENT
TORONTO, ONTARIO Aug. 25, 2009 - Metals Creek Resources Corp. ("Metals Creek" or the "Company") (TSX VENTURE:MEK) is pleased to announce that it has entered into an agreement in connection with an offering of up to 11,765,000 flow through common shares ("FT Shares") at a price of $0.17 per FT Share and up to 6,667,000 units ("Units") at a price of $0.15 per Unit for aggregate gross proceeds of up to $3,000,100 (the "Offering"). Each Unit shall be comprised of one common share and one common share purchase warrant ("Warrant"). Each whole Warrant shall entitle the holder thereof to acquire one common share of the Company at a price of $0.30 for a period of 24 months following the closing of the Offering.
Dundee Securities Corporation will act as sole agent and has agreed to act on a best efforts agency basis with respect to the Offering. The Company has granted Dundee Securities Corporation an option, exercisable at any time until the second business day before the closing of the Offering, to purchase up to an additional 1,764,750 FT Shares and an additional 1,000,050 Units at their respective issuance prices, for additional proceeds of up to $450,015.
The proceeds from the sale of the FT shares will be used for exploration of Metal Creek's properties and the proceeds from the sale of the Units will be used for general working capital purposes.
The Offering is expected to close, subject to approval from the TSX Venture Exchange, on or about September 17, 2009 or such other date as is agreed to between the Company and Dundee Securities Corporation.
About Metals Creek Resources Corp.
Metals Creek Resources Corp. is incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the Exchange under the symbol "MEK". Metals Creek can earn a 50 % interest in the Ogden Gold Property, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has a 8 km strike length of the prolific Porcupine-Destor Fault (PDF) that stretches between Timmins, Ontario and Val d'Or, Quebec. The Corporation is also engaged in the identification, acquisition, exploration and development of other mineral resource properties, and presently has mining interests in Ontario and Newfoundland and Labrador. Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under the company's profile at www.sedar.com.
Forward Looking Statement:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Metals Creek undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Metals Creek Resources Corp.
Alexander (Sandy) Stares
President and CEO