Non-brokered offering’s proceeds fund land assembly in Rochford area
By Devika Patel
Knoxville, Tenn., Sept. 13 – Mineral Mountain Resources Ltd. said it increased a non-brokered private placement of units to C$1.05 million from C$250,000. The deal priced on Aug. 16.
The company will sell 2.62 million units of one common share and one warrant at C$0.40 per unit.
Each two-year warrant is exercisable at C$0.60 in the first year and at C$0.90 in the second year. The warrant strike prices are 36.36% and 104.55% premiums to the Aug. 15 closing share price of C$0.44.
Proceeds will be used for land assembly in the Rochford area and 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.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$1,048,000
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| Units: | 2.62 million
|
| Price: | C$0.40
|
| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.60 in the first year, C$0.90 in the second year
|
| Agent: | Non-brokered
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| Pricing date: | Aug. 16
|
| Upsized: | Sept. 13
|
| Stock symbol: | TSX Venture: MMV
|
| Stock price: | C$0.44 at close Aug. 15
|
| Market capitalization: | C$19.99 million
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