Metalite Resources Inc. announced a non-brokered private placement of up to 14,000,000 flow-through units at a price of CAD 0.04 per unit for the gross proceeds of CAD 560,000 and up to 8,000,000 hard dollar units common shares at a price of CAD 0.03 per hard dollar unit for the gross proceeds of CAD 240,000 for the total aggregate gross proceeds of CAD 800,000 on January 19, 2024. Each FT Unit will be comprised of one flow-through common share in the capital of company and one common share purchase warrant, and each Hard Dollar Unit will be comprised of one common share and one warrant. Each whole warrant will be exercisable by the holder into company's shares at a price of CAD 0.05 per company's share for a period of 24 months from the closing date.

Finder?s fees may be paid to eligible finders in accordance with the applicable laws and regulations consisting of a cash commission equal to up to 8% of the proceeds raised under the Private Placement and compensation options in an amount equal to up to 8% of the aggregate number of FT units and Hard Dollar units sold pursuant to the Private Placement. All securities issued pursuant to the Private Placement will be subject to a four-month hold period in accordance with applicable securities laws. The transaction remains subject to approval by the Canadian Securities Exchange.