VANCOUVER, BC, Sept. 1,
2022 /CNW/ - Mineral Mountain Resources Ltd.
("Mineral Mountain" or the "Company") (TSXV: MMV)
(OTCQB: MNRLF) (FRANKFURT: M8M) further to its August 2, 2022 and August
24, 2022 news releases, the Company is pleased to announce
that it has filed documents with the TSX Venture Exchange (the
"Exchange") for approval to close the second tranche of its
$0.07 unit financing (the
"Financing") for aggregate gross proceeds of $100,000. Subject to Exchange approval, the
Company will now issue 1,428,582 units ("Units), each Unit
consisting of 1 common share and 1 common share purchase warrant,
each warrant being exercisable for an additional common share at an
exercise price of $0.15 for a period
of 6 months.
Additionally, further to the Company's August 24, 2022 news release, the first tranche
of the Financing was effected with 3 insiders, subscribing for a
total of $53,200 or 760,000 Units,
that portion of the Financing a "related party transaction" as such
term is defined under MI 61-101 – Protection of Minority Security
Holders in Special Transactions. The Company is relying on
exemptions from the formal valuation requirement of MI-61-101 under
sections 5.5(a) and (b) of MI 61-101 in respect of the transaction
as the fair market value of the transaction, insofar as it involves
the interested party, is not more than 25% of the Company's market
capitalization.
The remainder of the Financing is expected to close in two more
tranches: a) the third tranche of Cdn$400,000 (the "Second Tranche") within a few
weeks; and b) a third tranche for the remaining Cdn$7,340,000 (the "Third Tranche") upon the
Company obtaining shareholder approval at a special meeting of
shareholders set for October 6, 2022.
Shareholder approval will be required for the Third Tranche as a
result of the Fund's investment becoming a control block as that
term is defined within TSX Venture Exchange policies.
Securities issued in connection with the Financing are subject
to a four-month hold period, in accordance with applicable
securities laws.
The proceeds are to be used primarily to fund a 9,000-metre
drill program at the Company's largest and most advanced gold
projects in the Rochford District
of South Dakota. Preparations for
this drill program are currently underway.
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 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 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 and timing
and results of future resource estimates or future economic
studies.
SOURCE Mineral Mountain Resources Ltd.