Metallica Minerals Limited announced a private placement of shares at an issue price of $0.031 (AUD 0.043) per share for proceeds of $3,035,000 (AUD 4,238,225.75) on February 16, 2022. the transaction will include participation from new institutional investor, Sparta AG for AUD 2,000,000 as well as returning investor Ilwella Pty Ltd and Dostal group. The investors will also receive 1 option for every 2 new shares at AUD 0.06 strike price ranking pari passu with the existing options issued April 2021, with an expiry date 25th March 2024. The transaction is subject to approval from an Extraordinary General Meeting for the issue of 7,342,742 options to the three shareholders.