Non-brokered deal raises proceeds for working capital and development
By Devika Patel
Knoxville, Tenn., Nov. 21 - Mineral Mountain Resources Ltd. said it raised C$2.55 million in the second and final tranche of a C$4.39 million non-brokered private placement of units. The deal priced for C$3.51 million on Oct. 30, and the company added an C$877,500 greenshoe on Nov. 7; it raised C$1.84 million on Nov. 19.
Mineral Mountain sold 16.25 million units of one common share and one warrant at C$0.27 per unit. It sold 6,816,700 units in the initial tranche and 9,433,300 units in the second tranche. Of the units, 3.25 million were part of the fully exercised greenshoe.
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$4,387,500 (including C$877,500 greenshoe)
|
| Units: | 16.25 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
|
| Upsized: | Nov. 7
|
| Settlement dates: | Nov. 19 (for C$1,840,509), Nov. 21 (for C$2,546,991)
|
| Stock symbol: | TSX Venture: MMV
|
| Stock price: | C$0.34 at close Oct. 29
|
| Market capitalization: | C$31.78 million
|
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