News Releases
| November 23, 2006 MetalCORP Limited Completes $15,500,000 Bought-Deal Financing Including Full Exercise of Over- | |
| THUNDER BAY, ON, Nov. 23/CNW/ - MetalCORP Limited (TSX-V: MTC) successfully completed today its previously announced bought-deal private placement (see MetalCORP's news release dated November 6, 2006) of 2,750,000 flow-through common shares at a price of $2.00 per flow-through common share and 6,060,606 units at a price of $1.65 per unit, for gross proceeds of $15,500,000. Each unit is comprised of one common share and one-half of a share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one common share at an exercise price of $2.10 at any time until May 23, 2008. Included in these amounts are the securities issued upon the exercise by the underwriters of their entire over-allotment options. The private placement was underwritten on a bought-deal basis by a syndicate led by Research Capital Corporation and which also included Dundee Securities Corporation. The underwriters received as compensation a 6% cash commission and 528,636 broker warrants (being 6% of the aggregate number of flow-through common shares and units purchased under the offering). Each broker warrant entitles the holder to purchase one common share at an exercise price of $1.65 per share until May 23, 2008. All the securities issued pursuant to the private placement are subject to a four (4) month hold period expiring March 24, 2007. MetalCORP will use the net proceeds from the sale of the units for working capital purposes, while the gross proceeds from the sale of flow-through common shares will be used for further exploration on MetalCORP's properties located in Northwestern Ontario. MetalCORP is a mineral exploration and development company based in Thunder Bay, Ontario. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. For further information please contact: Donald A. Sheldon President, MetalCORP Limited., Toronto, Ontario, Telephone: (416) 595-5151 E-mail: dsheldon@sheldonhuxtable.com Aubrey Eveleigh VP, Exploration, MetalCORP Limited., Thunder Bay, Ontario, (807) 346-2760 E-mail: info@metalCORP.ca | |