VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 23, 2017) - Mineral Mountain Resources Ltd. ("Mineral Mountain" or the "Company") (TSX VENTURE:MMV) is pleased to announce that it has increased the size of, and closed, its recently announced non-brokered private placement (the "Private Placement") and has issued 3,948,862 units of the Company ("Units") at a price of C$0.275 per Unit to raise gross proceeds of C$1,085,937. 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 two (2) years from closing at an exercise price of C$0.40 per Warrant Share in the first year and C$0.55 per Warrant Share in the second year, subject to the following accelerated expiry provision: in the event that the Company's common shares trade for a period of at least 30 consecutive trading days at a closing price equal to or in excess of C$0.60 per share at any time after four months following closing of the Private Placement up to the end of the first year term of the Warrants, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case, the Warrants will expire on the 30th day after the date on which such notice is given by the Company.
A finder's fee of 7% was paid to arm's length third parties in connection with the Private Placement.
Net proceeds raised from the Private Placement are to be used for corporate and general working capital purposes.
The securities issued pursuant to the Private Placement are subject to a hold period expiring on July 24, 2017 pursuant to applicable Canadian securities laws.
About Mineral Mountain Resources and the Rochford Gold Project
Mineral Mountain Resources Ltd., through its wholly owned subsidiary Mineral Mountain Resources (SD) Inc., is focused on the exploration and, if warranted, development of its 100%-owned Rochford Gold Project situated along the highly prospective Homestake Gold Belt in the Black Hills of South Dakota, U.S.A. The Rochford Project covers approximately 7,500 acres and straddles three major trends of structurally thickened auriferous iron formation that host ledge-type gold mineralization.
Since 2013, the Company has continued to expand its land position in the Rochford Gold District by professional claim staking and also by purchasing strategically located private properties that fall along two of the major sub-parallel structural trends that host Ledge-type gold mineralization. The Company now owns the largest land position in the Rochford greenstone belt and now possesses a large and comprehensive database for the district. The Company believes that the Rochford Project is under-explored and that it has the potential to host several district scale gold discoveries.
