Mr. Nelson Baker reports
MINERAL MOUNTAIN CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT
Subject to acceptance for filing of the final documentation by the TSX Venture Exchange, Mineral Mountain Resources Ltd. has closed the final tranche of its non-brokered unit private placement announced previously on Oct. 24, 2017, and has issued 3,326,000 units of the company at a price of 20 cents per unit to raise gross proceeds of $665,200.Each unit consists of one common share of the company and one common share purchase warrant, with each warrant entitling the holder to purchase one common share of the company for a period of twoyears from closing at an exercise price of 35 cents per warrant share in the first year and 50 cents per warrant share in the second year, subject to the following accelerated expiry provision: In the event that the company's common shares trade for a period of at least 20 consecutive trading days at a closing price equal to or in excess of 50 cents per share at any time after four months following closing of the private placement up to the end of the first-year term of the warrants, the company may accelerate the expiry date of the warrants by giving notice to the holders thereof, and in such case, the warrants will expire on the 30th day after the date on which such notice is given by the company.
A finder's fee of 6 per cent was paid to arm's-length third parties on a portion of the private placement.
The net proceeds raised from the private placement are intended to be used to expand the historical high-grade Standby mine gold deposit down plunge and prove the Homestake mine model exists in the Rochford district and for corporate and general working capital purposes.
The securities issued pursuant to the private placement are subject to applicable statutory resale restrictions, including a hold period expiring on May 6, 2018, pursuant to applicable Canadian securities laws.
We seek Safe Harbor.
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