Metallica Metals Corp (OTCMKTS:MTALF) Stock On Radar After Acquisition News
Canadian junior mining company listed on the Canadian Securities Exchange; Metallica Metals Corp (OTCMKTS:MTALF) announced the acquisition of some mineral claims in the Province of Quebec. The announcement on May 25, 2023, was pursuant to a purchase agreement dated May 16, 2023, with somearm’s length parties.
On Thursday, MTALF stock ended flat at $0.1221 with 1K shares, compared to volume of 1.04K shares. The stock moved within a range of $0.1221 – 0.1221 after opening trade at $0.1221.
Metallica Metals Announces Acquisition of Mineral Assets
The Property comprises of 46 claims representing about 2,583 hectares along Waswanipi-Saguenay Zone in Quebec. Metallica Metals Corp will issue sellers an aggregate of 8,000,000 common shares at a deemed price of $0.13 per Common Share. All securities issued will be subject to a statutory hold period of four months.
Pursuant to the Purchase Agreement, Mr. Richard Roy got 6,400,000 Common Shares. Prior to acquisition completion, Roy didn’t have any securities of the firm. Mr. Roy will control or own 6,400,000 Common Sharesupon completion of the acquisition. This will represent 15.74% of the firm’s outstanding and issued Common Shares on a non-diluted and partially diluted basis.
Mr. Roy may decrease or increase the holding of common shares or other securities of the firm. This will depend on market and other conditions, or as future scenarios may happen.
Metallica Metals Corp is focused on exploring and acquiring gold‐silver and platinum group metal properties across Canada. It is currently developing.