April 27, 2022 /CNW/ -
Mineral Mountain Resources Ltd. ("Mineral Mountain" or the
"Company") (TSXV: MMV) (OTCQB: MNRLF) (FSE: M8M) is pleased
to announce it has closed a first tranche of the private placement
announced previously on April 5, 2022
issuing 1,100,000 units ("Units") at a price of CAD$0.10/Unite for gross proceeds of CAD$110,000.
Each Unit consists of one common share and one common share
purchase warrant (a "Warrant"). Each Warrant can be exercised for a
one year period from the Closing Date at $0.25 per warrant share.
The securities issued pursuant to the private placement are
subject to applicable resale restrictions, including a four month
hold period from date of closing of the private placement under
applicable Canadian securities laws.Net proceeds from the financing
will be used to advance the Standby Mine Gold project and for
general working capital.
About the Standby Mine Gold Target
All geologic, geophysical and drill results to date suggest a
Homestake ledge-type target exists at Standby and is potentially of
large scale. Mineral Mountain's goal is to extend the Standby Mine
gold mineralization down-plunge through systematic step-out
drilling along strike and down-plunge in the Upper Tail to discover
an Ore Centroid at depth.
MMV's two previous core drilling campaigns between 2018 and 2020
extended known gold mineralization from the bottom of the historic
Standby Mine workings from 130 meters below surface to a total
plunge length of 850 meters.
Jeff Hrncir, the Company's chief
geologist commented "Confirming the existence of an Ore Centroid at
Standby would be a game-changing discovery for Mineral Mountain
Resources and set the stage for future resource delineation
On Behalf of the Board of Directors
MINERAL MOUNTAIN RESOURCES LTD.
Baker", President and CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward looking information
This release contains "forward-looking information" within the
meaning of applicable Canadian securities legislation
("Forward-looking information"). Forward-looking information
includes, but is not limited to, statements that address
activities, events or developments that the Company expects or
anticipates will or may occur in the future, including such things
as completion of the private placement, future business strategy,
competitive strengths, goals, expansion, growth of the Company's
businesses, operations, plans and with respect to exploration
results, the timing and success of exploration activities
generally, permitting time lines, government regulation of
exploration and mining operations, environmental risks, title
disputes or claims, limitations on insurance coverage, timing and
possible outcome of any pending litigation, timing and results of
future resource estimates or future economic studies and the
ability to raise required capital.
Often, but not always, forward-looking information can be
identified by the use of words such as "plans", "planning",
"planned", "expects" or "looking forward", "does not expect",
SOURCE Mineral Mountain Resources Ltd.