Edmonton, AB – November 5, 2024 – Metalero Mining Corp. (the “Company” or “Metalero”) (TSXV: MLO; OTCPK: CRTTF) announces that further to the Company’s news releases on August 30, 2024 and September 26, 2024, it has closed the second and final tranche of its non-brokered private placement (the “Offering”) by issuing a total of 1,273,331 common shares (the “Shares”) at a price of $0.15 per Share for gross proceeds of $191,000 of which $50,000 was raised previously.
All Shares issued are subject to a hold period until March 5, 2025. No finder’s fees were paid in connection with the second closing of the Offering. The net proceeds will be used to fund annual claim fees, exploration and development expenditures at the Company’s projects located in Nevada, USA, and for general working capital.
Pursuant to the first and second closings of the Offering, a private company controlled by Robert L’Heureux, the President, CEO, and a director of the Company, acquired 485,333 Shares in total. These are related party transactions for the purposes of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(b) and 5.7(1)(b) of MI 61-101, respectively, on the basis that the Company is not listed on any of the specified markets in MI 61-101, the fair market value of these subscriptions (together with all other insider participation in the Offering) does not exceed $2,500,000, and all the independent directors have approved the private placements in accordance with MI 61-101. The Company did not file a material change report in respect of the second closing 21 days in advance, because insider participation had not been confirmed at that time. The shorter period was necessary in order to permit the second closing in a timeframe consistent with usual market practice for transactions of this nature.
About Metalero Mining Corp.
Metalero Mining Corp. is a Canadian-based junior exploration company and part of the Metals Group of companies with offices in Vancouver and Edmonton. Metalero is undergoing a restructuring which includes a new project focus and management change making its drill-ready gold assets in Nevada available for sale or option.
On behalf of the Board of Directors
“Rob L’Heureux”
Rob L’Heureux, Chief Executive Officer and President
Email: [email protected]
Telephone: +1.780.437.6624
This news release may contain certain “forward looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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