Mountain Boy Minerals Ltd.
TSX VENTURE : MTB

December 07, 2010 17:29 ET

Mountain Boy Increases Flow-Through Private Placement to Up to $2,325,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2010) - Mountain Boy Minerals Ltd. (TSX VENTURE:MTB) reports it has increased the amount of its non-brokered flow-through private placement, announced November 30, 2010, from 5,000,000 units (the "Units") to up to 15,000,000 Units for gross proceeds of $2,325,000. All other terms of the private placement remain as announced.

Proceeds from the placement will be used to fund a winter drill program on the Company's wholly owned Dunwell Gold Mine. The Company has agreed to pay cash commission of 7% and agents warrants of 7% of the proceeds raised. Terms of the agents warrants will be the same as the private placement warrants.

Closing of Private Placement

The Company is also pleased to announce it has received TSX Venture Exchange approval for and closed a private placement to raise $465,000 (previously announced in the Company's news release dated November 24, 2010). The private placement consisted of 3,000,000 flow-through units, at a price of $0.155 per flow-through unit to raise total proceeds of $465,000. 

All of the shares and warrants, and any shares issued upon the exercise of the warrants comprising the units issued, are subject to a hold period and may not be traded in Canada until April 7, 2011, except as permitted by applicable Canadian securities laws. 

Finders' fees of $32,550 and 210,000 warrants were paid in connection with the private placement.

ON BEHALF OF THE BOARD

Ed Kruchkowski, Director

"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."

Contact Information

  • Mountain Boy Minerals Ltd.
    Investor Relations
    604-681-0710
    or
    Mountain Boy Minerals Ltd.
    Ed Kruchkowski
    250-636-9232
    250-636-9233 (FAX)
    www.mountainboyminerals.ca