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Mineral Mountain Resources Announces C$3 Million Private Placement
VANCOUVER, British Columbia, Oct. 24, 2017 (GLOBE NEWSWIRE) -- Mineral Mountain Resources Ltd. (“Mineral Mountain” or the “Company”) (TSXV:MMV) (OTC: MNRLF) is
About this update from Badlands Resources Inc
[{"type":"text","content":"VANCOUVER, British Columbia, Oct. 24, 2017 (GLOBE NEWSWIRE) -- Mineral Mountain Resources Ltd. (“Mineral Mountain” or the “Company”) (TSXV:MMV) (OTC: MNRLF) is pleased to announce that it is arranging a non-brokered private placement (the “Private Placement”) of up to 15,000,000 units of the Company (“Units”) to be sold at a price of C$0.20 per Unit to raise gross proceeds of up to C$3,000,000. 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 (a “Warrant Share”) for a period of two (2) years from closing at an exercise price of C$0.35 per Warrant Share in the first year and C$0.50 per Warrant Share in the second year, subject to the following accelerated expiry provision: in the event that the Company’s common shares trade for a period of at least 20 consecutive trading days at a closing price equal to or in excess of C$0.50 per share at any time after four months following closing of the Private Placement up to the end of the first year term of the Warrants, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case, the Warrants will expire on the 30th day after the date on which such notice is given by the Company. The Standby Mine gold deposit geologically is remarkably similar to the Homestake Mine located within the same belt of rocks and only 16 miles (26 km) to the north. In the late 1800’s, prospectors discovered a strong, wide gold bearing band of iron formation that, on surface graded better than 0.35 opt Au (10.00 gm/t). A shaft was sunk to the 425-foot level and underground channel sampling (consecutive series) assayed 0.200 opt Au/34.5’ (6.00 gm/t over 10.8 m). Subsequently, a drill hole, BLG-UG3, collared from the 425-foot level and designed to intersect the same gold zone about 100 feet (30 m) below intersected 0.13 opt Au (4.61 gm/t) over 36.0 feet (10.97 m). In 1982, drill hole S-1 drilled by Getty Oil intersected the down plunge projection of BLG-UG3 200 feet cutting a 123 foot (37.5 m) wide interval of locally quartz flooded iron formation with visible gold observed in 4 different intervals, 3 - 10% pyrrhotite and up to 5% arsenopyrite from 111.0’ – 234.0’. Our proposed drill plan is to repeat the Getty drill hole ...