Mammoth Resources (MTH-V) Feb 7, '17 intends to proceed with a non-brokered private placement of up to 1,875,000 units of the company at an offering price of eight cents per unit, for gross proceeds of up to $150,000. Each unit consists of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share until 18 months following closing of the private placement, at an exercise price of 12 cents. The company has set no minimum number of units to be distributed and no minimum dollar amount required to be raised in connection with the private placement.
The gross proceeds of the private placement will be used to advance exploration activities and some minor working capital, and for general corporate expenses and exploration activities to include mechanical trenching and construction of access to facilitate drilling, plus some in-fill mapping and sampling on the recently announced PIMA geochemical sampling program. In the event of an oversubscription to the private placement, the company may seek TSX Venture Exchange approval for such oversubscription or may allocate units on a pro rata basis to subscribers.
The private placement will be conducted in reliance upon British Columbia Instrument 45-534, which permits an issuer to distribute securities to its existing shareholders, subject to the terms of the instrument. The TSX Venture Exchange has granted conditional approval for this private placement. The company has set Feb. 6, 2017, as the record date for the purpose of determining existing shareholders of the company who are entitled to purchase units under the private placement. The TSX Venture Exchange has granted conditional approval for this private placement. This exemption is not available to shareholders resident in Ontario or Newfoundland, or jurisdictions outside of Canada. The company may combine the offering under the instrument with other available prospectus exemptions, including sales to accredited investors.
The securities issued pursuant to the private placement will be subject to a four-month hold period. The company may pay finders' fees of cash and/or securities on a portion of the private placement.
About Mammoth Resources Corp.
Mammoth Resources is a mineral exploration company focused on acquiring and defining precious metal resources in Mexico and other attractive mining-friendly jurisdictions in the Americas. The company has an option to acquire 100 per cent in the Tenoriba property located in the Sierra Madre precious metal belt in southwestern Chihuahua state, Mexico.
To find out more about Mammoth Resources and to sign up to receive future press releases, please visit the company's website at: www.mammothresources.ca |
