Metalsource Mining announces $4 million private placement

VANCOUVER - Metalsource Mining Inc. (CSE:MSM), a mining exploration company with a market capitalization of $5.09 billion, announced Monday a non-brokered private placement offering of up to 20 million units priced at $0.20 per unit to raise up to $4 million in gross proceeds. According to InvestingPro data, the company maintains strong financial health with liquid assets exceeding short-term obligations.

According to the company’s press release, investor Eric Sprott will lead the offering with a $1 million commitment, subscribing for 5 million units. Each unit consists of one common share and one-half of a transferable share purchase warrant, with each whole warrant allowing the purchase of an additional common share at CAD $0.30 for three years.

Metalsource intends to use the proceeds to advance exploration at its Silver Hill and Byrd-Pilot projects in North Carolina, with particular focus on expanding Silver Hill’s silver potential. Funds will also support continued work on the company’s Aruba manganese project in Botswana and provide general working capital.

The company may pay finder’s fees in accordance with Canadian Securities Exchange policies. All securities issued will be subject to a four-month and one-day hold period from issuance.

Metalsource Mining describes Silver Hill as a historic silver mine where previous operators identified mineralized zones but never conducted systematic drilling specifically for silver. The Byrd-Pilot project is characterized as having gold-copper porphyry potential.

The company’s Aruba Property in Botswana covers 4,663 square kilometers in an area the company considers prospective for platinum group metals, gold, silver, and manganese mineralization.

The private placement announcement comes as Metalsource aims to advance its mineral exploration portfolio in both North America and Africa.

In other recent news, MSC Industrial Direct Company Inc. reported strong financial results for the third quarter of fiscal 2025, exceeding both earnings and revenue expectations. The company’s earnings per share (EPS) reached $1.08, surpassing the forecasted $1.03 by 4.85%, while revenue came in at $971.1 million, slightly above the anticipated $970.26 million. Following these results, Loop Capital raised its price target for MSC Industrial to $84 from $74, maintaining a Hold rating. This increase was attributed to the company’s performance, which exceeded consensus estimates by 5% and was supported by favorable price/cost dynamics.

Additionally, MSC Industrial’s stock maintained a Sector Weight rating from KeyBanc. The firm noted that the company’s fourth-quarter outlook implies average daily sales above consensus estimates, though management might be adopting a conservative guidance approach due to ongoing market softness. In leadership changes, the company announced that CFO Kristen Actis-Grande will step down in August 2025, with Greg Clark serving as interim CFO during the search for a permanent replacement. Clark has previously held the interim CFO position and has been with MSC Industrial since 2003.

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