November 19, 2012 17:37 ET
Mineral Mountain Resources Ltd. Announces the Closing of the 1st Tranche of a Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 19, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Mineral Mountain Resources Ltd. ("Mineral Mountain" or the "Company") (TSX VENTURE:MMV)(OTCQX:MNRLF) is pleased to announce the closing of the 1st tranche of a Non-Brokered Private Placement ("private placement") announced on October 30, 2012, for gross proceeds of $1,840,509 from the sale of 6,816,700 Units at a price of $0.27 per Unit.
Each Unit shall consist of one common share of the Company and one common share purchase Warrant. Each whole Warrant shall be exercisable into one common share of the Company for a period of 24 months from closing at an exercise price of C$0.35 per share in the first year and C$0.45 per share in the second year.
The funds raised from the issuance of the Units will be used for general working capital and for further development of the company's properties.
In connection with the private placement, the Company has paid finder's fees consisting of a cash commission representing 8% of the gross proceeds raised in the private placement, or that number of Units equal to 8% of the securities sold under the private placement. In addition, the company has paid a finders warrant ("Finders Warrant") equal to 8% of the total number of Units placed, where each whole Finders Warrant will have the same terms as a whole Warrant.
The securities issued in the private placement are subject to a four month plus one day hold period in accordance with applicable Canadian securities laws, the holding period expiring on March 20, 2013.
The Company wish to announce that in connection with the property transaction announced on the news release dated November 13, 2012 the Company is to pay a finder's fee of 25,000 common shares to an arm's length finder once the TSXV has issued its final acceptance of this transaction.
The Company is a British Columbia-based company primarily engaged in the acquisition of mineral resource properties in Canada and USA and the exploration of such properties for minerals. Minerals of interest to the company include precious metals including gold and silver and base metals including zinc, lead and copper.
On Behalf of the Board of Directors of MINERAL MOUNTAIN RESOURCES LTD.
Nelson W. Baker, President and CEO