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MINERAL MOUNTAIN CLOSES SECOND TRANCHE OF $7.9 MILLION FINANCING
MINERAL MOUNTAIN CLOSES SECOND TRANCHE OF $7.9 MILLION FINANCING Canada NewsWir...
About this update from Badlands Resources Inc
[{"type":"text","content":"\n \n \n \n MINERAL MOUNTAIN CLOSES SECOND TRANCHE OF $7.9 MILLION FINANCING\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Sept. 1, 2022\n \n \n /CNW/ - Mineral Mountain Resources Ltd. (\"\n \n Mineral Mountain\n \n \" or the \"\n \n Company\n \n \") (TSXV: MMV) (OTCQB: MNRLF) (FRANKFURT: M8M) further to its\n \n August 2, 2022\n \n and\n \n August 24, 2022\n \n news releases, the Company is pleased to announce that it has filed documents with the TSX Venture Exchange (the \"Exchange\") for approval to close the second tranche of its\n \n $0.07\n \n unit financing (the \"Financing\") for aggregate gross proceeds of\n \n $100,000\n \n . Subject to Exchange approval, the Company will now issue 1,428,582 units (\"Units), each Unit consisting of 1 common share and 1 common share purchase warrant, each warrant being exercisable for an additional common share at an exercise price of\n \n $0.15\n \n for a period of 6 months.\n \n \n \n \n \n \n \n \n \n Additionally, further to the Company's\n \n August 24, 2022\n \n news release, the first tranche of the Financing was effected with 3 insiders, subscribing for a total of\n \n $53,200\n \n or 760,000 Units, that portion of the Financing a \"related party transaction\" as such term is defined under MI 61-101 – Protection of Minority Security Holders in Special Transactions. The Company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company's market capitalization.\n \n \n The remainder of the Financing is expected to close in two more tranches: a) the third tranche of\n \n Cdn$400,000\n \n (the \"Second Tranche\") within a few weeks; and b) a third tranche for the remaining\n \n Cdn$7,340,000\n \n (the \"Third Tranche\") upon the Company obtaining shareholder approval at a special meeting of shareholders set for\n \n October 6...