Vancouver (pcJ News Briefs ) – Mineral Mountain Resources Ltd. (TSX-V: MMV) has closed previously announced non-brokered private placement of 3,948,862 units at $0.275 per unit for gross proceeds of $1,085,937.
Each unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one common share for a period of two years from closing at an exercise price of C$0.40 per share in the first year and C$0.55 per share in the second year, subject to accelerated expiry.
A finder’s fee of 7% was paid to arm’s length third parties in connection with the private placement.
Net proceeds will be used for corporate and general working capital purposes.
Mineral Mountain Resources Ltd., through its wholly owned subsidiary Mineral Mountain Resources (SD) Inc., is focused on the exploration and, if warranted, development of its 100%-owned Rochford Gold Project situated along the highly prospective Homestake Gold Belt in the Black Hills of South Dakota. The Rochford Project covers approximately 7,500 acres and straddles three major trends of structurally thickened auriferous iron formation that host ledge-type gold mineralization.
photo credit: Mineral Mountain