Business
Mammoth Announces $600,000 Private Placement Financing
(TheNewswire) Toronto, Canada – TheNewswire - Januar...
About this update from Mammoth Resources Corp.
[{"type":"text","content":"Mammoth Announces $600,000 Private Placement Financing\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 January 12, 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 would\nlike to announce a non brokered private placement (the “Private\nPlacement”) of up to 6,000,000 common shares of the Company at an\noffering price of $0.10/share, pricing of which represents a 20%\ndiscount from the 5-day volume weighted average share price (VWAP) of\n$0.13 per share and a 15% discount from the 10-day VWAP of $0.12 per\nshare of Mammoth shares trading on the TSX Venture Exchange\n \n \n \n \n (the\n\"Exchange\n \n \n \n \n \").\n \n \n \n \n \n \n The use of proceeds from this financing\nwill be used to primarily fund the Company’s PhD geologist review of\nthe Tenoriba project, fund 3D modelling of combined historical IP-Mag\ngeophysical, surface and drill data, an infill IP/Mag geophysical\nsurvey on the 60% of the mineralized area on the project not covered\nby the historical survey and perform some confirmation mapping and\nsampling, which Company geologists feel are necessary prior to the\nselection of drill targets as part of its 50-hole, 7,500 metre drill\nprogram. This drill program is planned to commence at the end of the\ncurrent calendar quarter. The Company recently announced receipt of\nauthorization to drill up to 139 drill site locations at Tenoriba and\nhas all surface access permissions to perform all surface work,\nincluding the planned drill program.\n \n \n \n \n \n Thomas Atkins, President and CEO of\nMammoth commented on the Private Placement, stating:\n \n \n “We’ve priced this financing where we\nbelieve it should be attractive enough to allow us to quickly raise\nthe needed funds and soon commence our planned exploration activities\nat Tenoriba. At the offering price, and with the majority of the funds\nfrom this financing directed towards this work, Mammoth’s market\ncapitalization will still be significantly less than amounts spent at\nTenoriba. We’re confident the work planned from the proceeds from\nthis financing will enhance our ability to select compelling drill\n...