METALICITY RAISES $1.4M TO ACCELERATE GOLD PROJECTS

October 19, 2023

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Metalicity (ASX:MCT), confirms commitments from sophisticated investors of $1.03m with a further commitment from Directors raising a total of $1.4m. The funds raised are to be used in the exploration at the Koonkynie Gold Project. The exploration expenditure will allow Metalicity to increase its interest to 80%.

The exploration will include follow up drilling from the recent drilling North of Mctavish Gold prospect that has recently returned significant intercepts including:

Drill Intersections:

5m @ 25.9g/t from 30m, 6m @ 20.6g/t Au from 19m, 3m @ 19.1g/t Au from 88m, 5m @ 17.9g/t Au from 48m.

The new issue will be made with the issue of 700,000,000 new fully paid shares at a price of $0.002, together with an attached 1 for 2 free attached option exercisable at $0.003c with a two-year expiry to raise a total of $1.4m.

Cannacord Genuity (Australia) Limited is acting as the lead manager to the placement which has been strongly supported. Cannacord to receive a cash commission of 6% of the total amount raised. In addition, Cannacord will further receive 10,000,000 free options for acting as lead manager to the placement.