Non-brokered offering's proceeds to fund working capital, development
By Toni Weeks
San Diego, July 6 - Mineral Mountain Resources Ltd. said it raised C$303,000 in the final tranche of a C$2 million non-brokered private placement of units. The deal priced June 7, and the company raised C$1.7 million on June 29.
The company is selling 10 million units of one common share and one warrant at C$0.20 per unit. It sold 8,485,000 units in the first tranche and 1,515,000 units in the second tranche.
Each warrant will be exercisable at C$0.35 for two years. The strike price reflects a 52.17% premium to the June 6 closing share price of C$0.23.
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.
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Issue: | Units of one common share and one warrant
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Amount: | C$2 million
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Units: | 10 million
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Price: | C$0.20
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.35
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Agent: | Non-brokered
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Pricing date: | June 7
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Settlement dates: | June 29 (for C$1,697,000), July 6 (for C$303,000)
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Stock symbol: | TSX Venture: MMV
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Stock price: | C$0.23 at close June 6
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Market capitalization: | C$14.54 million
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