MMV-TSX-V
MNRLF-OTCQB
M8M:FRANKFURT
VANCOUVER, BC, Oct. 2, 2020 /CNW/ - Mineral Mountain
Resources Ltd. ("Mineral Mountain" or the "Company") (TSXV: MMV) is
pleased to announce that it has closed the second tranche of this
non-brokered unit ("Unit") private placement (the "Private
Placement"). The Company has raised gross proceeds of C$875,000 to date. A finder's fee of 7% was paid
to arm's length third parties in connection with the Private
Placement.
Previously, Mineral Mountain announced to issue up to 4,266,667
units of the Company (the "Units") for aggregate proceeds of up to
$1,280,000.
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. All other terms are as described in the initial private
placement news release.
The Company is also announcing that TSX Venture Exchange has
granted the Company an extension on the closing of the private
placement until October 9, 2020.
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.
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
Or visit our website: www.mineralmtn.com
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.