Business
Mammoth Announces Closing of Private Placement Financing of Units for Gross Proceeds of $2.85 Million
(TheNewswire) Toronto, Canada – TheNewswire - June 9...
About this update from Mammoth Resources Corp.
[{"type":"text","content":"Mammoth Announces Closing of Private Placement Financing of Units for Gross Proceeds of $2.85 Million\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n Toronto, Canada –\n \n \n \n \n TheNewswire -\n \n \n \n \n June 9, 2021 - Mammoth Resources Corp.\n(TSXV:MTH),\n \n \n \n \n (OTC:MMMRF),\n \n \n \n \n (the “Company”,\n \n \n \n \n or\n \n \n \n \n “Mammoth”)\n \n \n \n \n is\npleased to announce closing its previously announced oversubscribed,\nnon-brokered private placement financing of units (the “Private\nPlacement”) comprising up to 18,482,600 units (the “Units”) at a\nprice of $0.14 per Unit for gross proceeds of up to $2,587,564, this\nhaving been increased and Mammoth having been granted conditional\napproval by the TSX Venture Exchange (the “Exchange”) to\n20,349,965 Units for gross proceeds of $2,848,995. The expiry date on\nthe four-month hold period for the securities issued under this\nprivate placement has been set as October 11, 2021. Upon providing\nthis announcement the Company anticipates receiving final approval\nfrom the Exchange for closing this private placement.\n \n \n \n \n \n Thomas Atkins, President and CEO of\nMammoth commented on the closing and additional increase in the amount\nof the Private Placement, stating:\n \n \n “I’d previously announced that the\nplacement had been greeted by overwhelming enthusiasm and demand, and\nthat I’d tried to strike a balance between this demand, relative to\ndilution and Mammoth having access to the capital it required to\nadvance exploration at Tenoriba. Overwhelming demand to participate in\nthe placement continued following that announcement and upon further\nreflection among Mammoth’s board it was decided to increase the\namount of the placement by an additional $260,000. Even having\nincreased the placement to this size, the Company was unable to meet\ndemand, this being at least partially evident in the strength of the\ncompany’s share price, it consistently exceeding the offering price,\nsince our having announced the financing.\n \n \n \n \n “Due to the time required to\nconclude this financing further advancements on the geophysical\ninterpretation have been delayed, however we soon expect to complete\nthis work. The remaining 3D geophy...