May 24, 2017

MetalCorp Announces Proposed Private Placement of Flow-Through Shares

THUNDER BAY, ONTARIO, CANADA (May 24, 2017) - MetalCorp Limited (“MetalCorp”) (TSXV – MTC) is pleased to announce a proposed non-brokered private placement of up to 5,000,000 flow-through shares (each, a “Flow-Through Share”) at a price of $0.05 per Flow-Through Share for aggregate gross proceeds of up to $250,000 (the “Offering”). Each Flow-Through Share will be a common share issued on a “flow-through” basis in accordance with the Income Tax Act (Canada). MetalCorp reserves the right to increase or decrease the size of the Offering or to terminate the Offering at any time without notice. MetalCorp may pay finder’s fees to eligible persons of up to 6% of the aggregate gross proceeds of the Offering in cash.

Proceeds from the sale of Flow-Through Shares will be used to fund MetalCorp’s mineral exploration expenses which qualify as “Canadian Exploration Expenses” (within the meaning of the Income Tax Act (Canada)) on MetalCorp’s projects in Ontario, including its North Rock project and its Fearless project (namely, the eastern half of the Hemlo East gold project).

All the securities issued pursuant to this private placement will be subject to a four (4) month hold period. Completion of the private placement is subject to receipt of all required regulatory and other approvals, including acceptance by the TSX Venture Exchange. Purchasers must be ‘accredited investors’ within the meaning of NI 45-106 or otherwise entitled to rely on prospectus exemptions under applicable securities laws.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The securities described herein will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent an applicable exemption from the registration requirements.

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

For further information, please contact: Donald A. Sheldon, Chief Executive Officer, Phone: (416) 777-4017, or Pierre Gagné, Director, Phone: (807) 626-3621, or via email: info(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 regulation, 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.