Metallis Arranges $4 Million Financing

VANCOUVER, Sept. 21, 2018 /CNW/ - Metallis Resources Inc. (TSX-V: MTS) (the "Company" or "Metallis Resources") is pleased to announce that it has arranged a non-brokered private placement to raise gross proceeds of up to $4,014,000. The financing is expected to close shortly. 

Private Placement Details:

Up to 1,670,000 Non Flow-through Units will be issued at $1.20 per Unit and up to 1,340,000 Flow-through Units will be issued at $1.50 per Flow-through Unit.  Each Non Flow-through Unit will consist of one common share of the Company and one-half of one non-transferable share purchase warrant.  Each Flow-through Unit will consist of one flow-through common share of the Company and one-half of one non-transferable non flow-through share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $1.65 per share for a period of 36 months following the closing of the financing.

A 6% finders' fee will be paid in accordance with the policies of the TSX Venture Exchange to EMD Financial Inc. which is acting as the finder in this non-brokered private placement. The private placement is subject to Exchange approval.

Proceeds from the Flow-through Units will be used for further exploration, including drilling, at the company's 100%-owned Kirkham Property situated in the heart of the Golden Triangle's Eskay Camp in northwest British Columbia.  Proceeds from the Non Flow-through Units will be used for general working capital purposes.

Fiore Aliperti, Metallis President and CEO states: "We are working as far into the fall season as we can at the Kirkham Property, given the success of our summer exploration programs. This relatively low-dilutive financing builds on an already strong treasury and gives us maximum flexibility as we drill at Thunder North and other promising targets."

About the Kirkham Property

The 106 sq. km Kirkham Property is located about 65 km north of Stewart, B.C., in the heart of the Golden Triangle's prolific Eskay Camp.  The northern border of Kirkham is contiguous to Garibaldi Resources' E&L Nickel Mountain Project.  The northeast corner of Kirkham is within 12 km of the Eskay Creek mine while the eastern border is within 15 ? 20 km of Seabridge Gold's KSM deposits and Pretium Resources' Brucejack mine.

About Metallis

Metallis Resources Inc. is a Vancouver-based company focused on the exploration of gold, copper, nickel and silver at its 100%-owned Kirkham Property situated in northwest British Columbia's Golden Triangle.  Metallis trades under the symbol MTS on the TSX Venture Exchange and currently has 32,981,129 shares issued and outstanding.

2018 Venture 50

Metallis Resources Inc. was recently included in the 2018 Venture 50 (the "V50"). The V50 is a ranking of top performers on the TSX Venture Exchange last year. The ranking comprises 10 companies from each of five industry sectors selected based on three equally weighted criteria: Market capitalization growth, share price appreciation and trading volume amount. To view the V50 video click here.

On behalf of the Board of Directors:

/s/ "Fiore Aliperti"
Chief Executive Officer, President and Director

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This Press Release may contain statements which constitute 'forward-looking' statements, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including quarterly and annual Management's Discussion and Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX-V Stock Exchange has neither approved nor disapproved the contents of this news release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

SOURCE Metallis Resources Inc.