Minto Explorations Ltd. has $ 30.5 million in fundraising commitments and goes through the RTO and TSX-V listing process to form Minto Metals

Strong points:

  • Of the $ 30.5 million committed capital, $ 15.2 million has been received in escrow accounts, where it is to be held until approval for listing is received.

  • The remaining $ 15.3 million has been committed, with around $ 0.55 million expected to close next week and the remainder expected to be received on the same date as the RTO transaction closes.

  • Expected completion of the RTO transaction early in the fourth quarter of 2021.

  • The capital increase values ​​Minto at $ 156.6 million before financing.

Whitehorse, Yukon – (Newsfile Corp. – September 23, 2021) – Minto Metals Corp. (TSXV: MNTO) (“Minto” or the “Company”), Yukon’s premier environmentally focused copper and gold producer, announces that it has received commitments for its capital raising in the amount of approximately $ 30, C $ 5 million, and closed on $ 15.2 million of that amount.

Minto has entered into a Reverse Takeover Agreement (“RTO”) with 1246778 BC Ltd (“Shellco”), which is a reporting issuer in Canada to form a Listed Issuer (“PublicCo”). Shellco applied to list its common shares on the TSX Venture Exchange after the RTO transaction was completed. Under the RTO, Shellco and Minto complete approximately $ 30.5 million in financing, all of which has now been committed, and the first closing of $ 15.2 of that amount has been completed . The remaining C $ 15.3 million has been committed, with approximately C $ 0.55 million to be closed over the next week and the remaining approximately C $ 14.75 million being closed concurrently with the finalization of the RTO transaction. Proceeds from the financing will be placed in receivership until the close of the reverse takeover and, upon release, will fund PublicCo’s operational improvements, exploration and working capital.

“We are extremely pleased to announce the closing and commitment of the $ 30.5 million capital increase for Minto. This will allow Minto to continue increasing production, accelerate underground development, and extend our resources and mine life through focused exploration. The Yukon has a long history of successful mining operations and our entire team is motivated to deliver great results to our shareholders and to continue the strong Yukon mining tradition here in the Minto Copper Belt, ”commented Chris Stewart, President and CEO.

About Minto Explorations Ltd.

Minto operates the producing Minto mine located in the Minto Copperbelt, Yukon. The Minto mine has been in operation since 2007 and underground mining began in 2014. Since 2007, approximately 475 million pounds of copper has been produced from the Minto mine. Current mining operations rely on underground mining, a processing plant to produce high-grade copper, gold and silver concentrates, and all associated supporting infrastructure at a remote location in the Yukon. The Minto property is located west of the Yukon River, approximately 20 km WNW of Minto Landing, the latter on the east side of the river, and approximately 250 km by road north of the town of Whitehorse, the capital of the Yukon.

Forward-looking statements

All statements in this press release that do not relate directly and exclusively to historical facts constitute forward-looking statements as of the date of this press release. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “anticipate”, “seek”, “plan” , “Believe” or “continue” or the negative aspects of these terms or their variations or similar terminology. Although the Company believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, one should not place undue reliance on these forward-looking statements, which are not guarantees and are subject to certain risks, uncertainties and assumptions, which may cause actual performance and financial results to differ materially from these forward-looking statements. Forward-looking statements included in this press release include statements regarding the completion of the financing, the RTO transaction and the listing of PulicCo shares on the TSX Venture Exchange, and are made only as of the date of this press release. and, except as required by applicable securities laws, the Company does not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise. All currencies in CDN $.

Contact details:

For more information:
David J. Birch, Chief Financial Officer
(416) 895-4824
Email: [email protected]

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