Mineral Mountain Announces Increase in Previously Announced Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 13, 2016) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Mineral Mountain Resources Ltd. (the "Company") (TSX VENTURE:MMV) is pleased to announce that due to the strong support the Company is receiving for its gold exploration program in the Rochford area of South Dakota, the Company has increased the size of the private placement as announced on August 16, 2016 from 625,000 units to raise up to $250,000 to issue 2,620,000 units at a price of $0.40 per Unit (the Unit) for gross proceeds of up to $1,048,000. Each Unit consists of one common share and one share purchase warrant, each warrant is exercisable into one additional common share at a price of $0.60 for the first year from the date if issue and $0.90 during the second year from the date of issue.
The proceeds raised from the Private Placement will be used by the Company for continued land assembly in the Rochford area and general working capital purposes.
The securities issued pursuant to the Private Placement will be subject to a four month plus one day hold period in accordance with applicable Canadian securities laws. The Company may pay a finders' fee according to TSX.V policy.
The securities offered pursuant to the Private Placement have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any United States state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Mineral Mountain
Mineral Mountain Resources Ltd., through its wholly owned subsidiary Mineral Mountain Resources (SD) Inc., is focused on the systematic exploration using modern methods and, if warranted, the development of its 100%-owned Rochford Gold Project situated a short distance from the highly prospective Homestake Mine within the same Belt located in the Black Hills of South Dakota, U.S.A. The Rochford Project, which is continuously expanding, covers approximately 5,500 acres and straddles several bands of auriferous iron formation over a 9 km strike length and across a 4 km stratigraphic width. The Rochford Gold District geologically is remarkably similar to the Homestake Mine and largely under-explored.
The Rochford Project is located near Rapid City where it is easily accessed by a network of roads and has hydro-electricity and modern internet services to the drill sites. As well, the area offers a skilled labor force and is one of the lowest cost exploration areas in the United States. South Dakota has a low political risk and embraces responsible mineral development.
On Behalf of the Board of Directors, MINERAL MOUNTAIN RESOURCES LTD.
Nelson W. Baker, President and CEO
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
Contact
Mineral Mountain Resources Ltd.
Brad Baker
Vice-President Corporate Development & Director
(778) 383-3975
bbaker@mineralmtn.com
www.mineralmtn.com