M Partners conducts deal to fund exploration on Holy Terror project
By Devika Patel
Knoxville, Tenn., Oct. 6 – Mineral Mountain Resources Ltd. said it raised C$458,000 in the second and final tranche of a C$1.85 million private placement of units. The deal priced for C$3 million with a 15% greenshoe on July 30 and raised C$1.39 million on Oct. 3.
The company sold 36,965,000 units of one common share and one warrant at C$0.05 per unit. It sold 27,805,000 units in the initial tranche and 9.16 million units in the second.
Each two-year warrant is exercisable at C$0.09, a 28.57% premium to the July 29 closing share price of C$0.07.
M Partners Inc. was the agent.
Proceeds will be used for exploration on the Holy Terror gold project and for general working capital purposes.
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$1,848,250
|
| Units: | 36,965,000
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.09
|
| Agent: | M Partners Inc.
|
| Pricing date: | July 30
|
| Settlement dates: | Oct. 3 (for C$1,390,250) Oct. 6 (for C$458,000)
|
| Stock symbol: | TSX Venture: MMV
|
| Stock price: | C$0.07 at close July 29
|
| Market capitalization: | C$4.59 million
|
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