bigone thank you, NEW STRATEGIC INVESTOR FOR METANOR: KIRKLAND LAKE GOLD April 4, 2017 – Val-d’Or, Québec, Canada –
Metanor Resources Inc. (the “Corporation“) (TSX-V: MTO) is pleased to announce that it intends to complete a private placement financing pursuant to which Kirkland Lake Gold Ltd. will acquire up to 103,571,429 Units of the Corporation (the “Units“) on a pre- consolidated basis at a price of $0.07 each, for gross proceeds in the amount of $7,250,000.
Each Unit will consist of one common share (“Share”) and one-half of one common share purchase warrant (each full warrant, a “Warrant“) which will entitle the holder to purchase one Share of the Corporation at a price of $0.09 for a period of 24 months following closing (on a pre-consolidation basis).
In addition, funds managed by Wexford Capital LP (“Wexford”) will be subscribing for 18,750,000 Units for gross proceeds in the amount of $1,312,500. Upon completion of the Offering,
Wexford will hold 14.2% of the issued and outstanding Shares on a non- diluted basis and 19.9% on a partially diluted basis assuming the exercise of Warrants.
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