MMV-TSX-V
MNRLF-OTCQB
M8M:FRANKFURT
VANCOUVER, BC, Aug. 20, 2020 Mineral Mountain Resources Ltd.
("Mineral Mountain" or the "Company") (TSXV: "MMV")
is pleased to announce that it has arranged a non-brokered private
placement (the "Private Placement") of up to 2,500,000 units
of the Company ("Units") to be sold at a price of
C$0.30 per Unit to raise gross
proceeds of up to C$750,000. 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 Company also announces that it has
closed the first tranche of this non-brokered unit ("Unit") private
placement (the "Private Placement"). For this first tranche,
the Company has issued 667,000 units of the Company
("Units") at a price of C$0.30
per Unit to raise gross proceeds of C$200,000.
A finder's fee of 7% was paid to arm's length third parties in
connection with the Private Placement.
The net proceeds raised from the Private Placement are intended
to be used to fund Company lease renewals in the Rochford District, a radiometric airborne
survey, drill permitting, new lease acquisitions and, for corporate
and general working capital purposes.
The securities issued pursuant to the Private Placement are
subject to a hold period of 4 months plus 1 day expiring on
December 20th , 2020
pursuant to applicable Canadian securities laws.
The Private Placement is subject to final TSXV approval.
About Mineral Mountain
Mineral Mountain Resources Ltd., through its wholly owned
subsidiary Mineral Mountain Resources (SD) Inc., is an exploration
and development Company with a strong management and technical team
which has many years of experience in the Homestake area. The
parent Company, Mineral Mountain Resources Ltd., is based in
Vancouver, B.C.
The Company now owns one of the largest land package in the
Rochford Gold District located in the Black Hills of South Dakota, U.S.A. about 26 kilometers south
of the richest and largest gold deposits in the world, the
Homestake Mine gold system, which produced over 42 million ounce of
gold! The Rochford District is
situated within the most prospective exploration regions for gold
in the United States.
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.