Mineral Mountain Resources Ltd. (TSX-V: MMV) is pleased to announce that subject to acceptance for filing of the final documentation by the TSX Venture Exchange, it has closed its non-brokered unit private placement announced previously on December 02, 2019 and has issued 5,330,600 units of the Company 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, with each Warrant entitling the holder to purchase one common share of the Company for a period of one 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.
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