Non-brokered deal raises proceeds for working capital and development
By Devika Patel
Knoxville, Tenn., Oct. 31 - Mineral Mountain Resources Ltd. said Tuesday it has negotiated a C$3.51 million non-brokered private placement of units.
The company will sell 13 million units of one common share and one warrant at C$0.27 per unit.
Each two-year warrant is exercisable at C$0.35 in the first year and at C$0.45 in the second. The strike prices are 2.94% and 32.35% premiums to the Oct. 29 closing share price of C$0.34.
Proceeds will be used for general working capital and development of the company's properties.
Vancouver, B.C.-based Mineral Mountain explores for precious metals, including gold and silver, and base metals, including zinc, lead and copper.
| Issuer: | Mineral Mountain Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3.51 million
|
| Units: | 13 million
|
| Price: | C$0.27
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35 in the first year and C$0.45 in the second
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 30
|
| Stock symbol: | TSX Venture: MMV
|
| Stock price: | C$0.34 at close Oct. 29
|
| Market capitalization: | C$28.51 million
|
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