MetalCORP Limited
TSX VENTURE : MTC

MetalCORP Limited

July 11, 2008 16:40 ET

MetalCORP Limited Announces Completion of $2 Million Non-Brokered Private Placement

THUNDER BAY, ONTARIO--(Marketwire - July 11, 2008) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES.

MetalCORP Limited (TSX VENTURE:MTC) ("MetalCORP") is pleased to announce the completion of the previously announced non-brokered private placement of 2,000,000 flow-through common shares at a price of $1.00 per flow-through common share (the "Offering"), for aggregate gross proceeds of $2,000,000. All the securities issued pursuant to this private placement will be subject to a four (4) month hold period.

MetalCORP paid $80,000 finder's fees representing 4.0% of the aggregate gross proceeds of the Offering and $40,000 referral fees representing 2.0% of the aggregate gross proceeds of the Offering. Completion of the private placement is subject to receipt of all required regulatory and other approvals, including acceptance by the TSX Venture Exchange.

The gross proceeds to MetalCORP from the Offering will be used to fund exploration expenses eligible for Canadian Exploration Expense in connection with MetalCORP's projects in Ontario including its Playter molybdenum/rhenium project and BL14 copper/zinc project at the MetalCORP's Big Lake property and its Fearless and Python properties.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The flow-through common shares, the common shares and the warrants underlying the units 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 registration or applicable exemption from the registration requirements.

MetalCORP has 46,271,636 common shares outstanding and approximately $4,500,000 in cash and no debt. To find out more about MetalCORP Limited (TSX VENTURE:MTC), visit our website at www.metalcorp.ca. The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's forward-looking statements and expectations.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • MetalCORP Limited
    Mr. Aubrey Eveleigh, P.Geo
    COO & VP Exploration
    (807) 346-2760
    Website: www.metalcorp.ca