VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 16, 2016) -
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) is pleased to announce that the Company has arranged a non-brokered private placement (the "Private Placement") of up to 625,000 units of the Company ("Units") to be sold at a price of C$0.40 per Unit to raise gross proceeds of up to C$250,000. 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 for a period of two (2) years from closing at an exercise price of C$0.60 per share in year one and $0.90 in year two.
The funds raised from the issuance of the Units will be used principally to fund on going property commitments on its Rochford gold project located in the Black Hills of South Dakota and for 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.
Since 2013, the Company has assembled, either by claim staking or by an outright purchase, a total of 345 unpatented lode mining claims totaling 5,447 acres and owns the most comprehensive database ever assembled for the highly prospective Rochford district located only about 27 kilometers south of the richest, deepest iron hosted gold mines in the world! Despite the similarities to Homestake, and compelling evidence for gold mineralization that would support underground mining methods, the Rochford District has remained largely unexplored.
Commenting on the Company's unique land position and extensive database for the Rochford gold district, Mineral Mountain President and CEO Nelson Baker is confident that: "With a clear targeting criteria and an exploration methodology that proved successful at Homestake we are confident we have acquired a valuable economic opportunity at Rochford."
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.