June 20, 2013

 

METALCORP ANNOUNCES PROPOSED SHARES-FOR-DEBT TRANSACTIONS

Thunder Bay, Ontario, Canada (June 20, 2013) - MetalCorp Limited ("Metalcorp") (TSXV - MTC) is pleased to announce proposed shares-for-debt transactions (the "Proposed Transactions") in which MetalCorp proposes to issue up to 8,415,920 common shares ("Common Shares") (of which up to 7,715,400 could be issued to insiders) at a price of $0.05 per share to reduce accounts payable and improve Metalcorp's working capital position by $420,796.  The proposed issuance of the Common Shares is being completed pursuant to agreements with various MetalCorp creditors and is conditional on both TSX Venture Exchange approval and disinterested shareholder approval.  Disinterested Shareholders are entitled to vote on the Proposed Transactions at Metalcorp's upcoming annual and special meeting of shareholders to be held on June 25, 2013.  All securities to be issued pursuant to these agreements are subject to a 4-month hold period.

MetalCorp is a mineral exploration company based in Thunder Bay, Ontario, with gold and base metal projects in the Canadian Shield of Northern Ontario, Canada, one of the most prolific mineral districts in the world. To find out more about MetalCorp visit its website at www.metalcorp.ca.

For further information, please contact: Donald A. Sheldon, Chief Executive Officer. Phone: (416) 595-0147, or via email:  da(dot)sheldon(at)metalcorp(dot)ca.

Except for statements of historical fact contained herein, information in this press release may constitute "forward-looking information" within the meaning of Canadian securities laws.  Other than statements of historical fact, all statements that involve various known and unknown risks, uncertainties and other factors are "forward-looking statements".  There can be no assurance that such statements will prove accurate.  Results and future events could differ materially from those anticipated in such statements.  Readers of this news release are cautioned not to place undue reliance on these "forward-looking statements".  Except as otherwise required by applicable securities statutes or regulations, MetalCorp expressly disclaims any intention or obligation to update publicly any forward-looking information, whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy, accuracy or contents of this news release.