Mineral Mountain Raises C$875,000 in Non-Brokered Private Placement and C$1,133,875 in Exercise of Warrants for C$2,000,875 in Gross Proceeds
VANCOUVER, Oct. 13, 2020 - Mineral Mountain Resources Ltd. ("Mineral Mountain" or the "Company") (TSXV: MMV) is pleased to announce that it has closed the non-brokered unit ("Unit") private placement (the "Private Placement") announced previously on August 20, 2020 and has issued 2,916,667 Units at a price of C$ 0.30 for raised gross proceeds of C$875,000. A finder's fee of 7% was paid to arm's length third parties in connection with the Private Placement. Each Unit consists of one common share of the Company and one common share purchase warrant (a "Warrant"), with each warrant entitling the holder to purchase one common share of the Company (a "Warrant Share") for a period of one (1) year from closing at an exercise price of C$0.40 per Warrant Share.
In addition, a total of 4,535,500 warrants priced at C$ 0.25 were exercised for a total of C$ 1,133,875 for a grand total of C$2,000,875 in gross proceeds.
The net proceeds raised from the Private Placement are intended to be used to fund Company lease renewals in the Rochford District, a radiometric airborne survey, drill permitting, new lease acquisitions and, for corporate and general working capital purposes. A more detailed news release outlining the Company's plans for the Rochford Project will be disseminated shortly.
About Mineral Mountain
Mineral Mountain Resources Ltd., through its wholly owned subsidiary Mineral Mountain Resources (SD) Inc., is an exploration and development Company with a strong management and technical team which has many years of experience in the Homestake area. The parent Company, Mineral Mountain Resources Ltd., is based in Vancouver, B.C.
The Company now owns one of the largest land package in the Rochford Gold District located in the Black Hills of South Dakota, U.S.A. about 26 kilometers south of the richest and largest gold deposits in the world, the Homestake Mine gold system, which produced over 42 million ounce of gold! The Rochford District is situated within the most prospective exploration regions for gold in the United States.
On Behalf of the Board of Directors
Mineral Mountain Resources Ltd.
"Nelson W. Baker", President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward looking information
This release includes certain statements that may be deemed to be "forward-looking information" under Canadian securities laws. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, constitute forward looking- information. Forward looking information consists of statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information does not constitute guarantees of future performance and actual results may differ materially from those in forward- looking information. Factors that cause the actual results to differ materially from those in forward-looking information include gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, continued availability of capital and financing and general economic, market or business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company's forward-looking information should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information.
SOURCE Mineral Mountain Resources Ltd.
Contact
Brad Baker, Vice-President Corporate Development & Director, (778) 383-3975, bbaker@mineralmtn.com; Or visit our website: www.mineralmtn.com