VANCOUVER, Dec. 5, 2019 /CNW/ - Mineral Mountain Resources Ltd. ("Mineral Mountain" or the "Company") (TSXV: "MMV") is pleased to announce that subject to acceptance for filing of the final documentation by the TSX Venture Exchange ("TSX-V"), it has closed its non-brokered unit ("Unit") private placement (the "Private Placement") announced previously on December 02, 2019 and has issued 5,330,600 units of the Company ("Units") at a price of C$0.25 per Unit to raise gross proceeds of C$ 1,332,650. Each Unit consists of one common share of the Company and one common share purchase warrant (a "Warrant"), with each Warrant entitling the holder to purchase one common share of the Company (a "Warrant Share") for a period of one (1) year from closing at an exercise price of C$0.40 per Warrant Share.
The net proceeds raised from the Private Placement are intended to be used for the on -going directional drilling on the Standby Mine property designed to test high grade gold targets and for general corporate and working capital purposes.
The securities issued pursuant to the Private Placement will be subject to a four month plus one day hold period in accordance with applicable Canadian securities laws. The Company has agreed to pay a 7% finders' fee in cash only on a portion of the financing and have added 7% warrants on a certain portion of this financing in accordance with TSX Venture Exchange policy.
On Behalf of the Board of Directors MINERAL MOUNTAIN RESOURCES LTD.
"Nelson W. Baker", President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward looking information
This release includes certain statements that may be deemed to be "forward-looking information" under Canadian securities laws. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, constitute forward looking- information. Forward looking information consists of statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information does not constitute guarantees of future performance and actual results may differ materially from those in forward- looking information. Factors that cause the actual results to differ materially from those in forward-looking information include gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, continued availability of capital and financing and general economic, market or business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company's forward-looking information should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information.
SOURCE Mineral Mountain Resources Ltd.
For further information: Brad Baker, Vice-President Corporate Development & Director, (778) 383-3975, [email protected], Or visit our website: www.mineralmtn.com