Mammoth Provides Update on Exploration Activities at Its Tenoriba Gold Property, Announces Private Placement Financing and Advises Employing OSC Filing Exemption

About this update from Mammoth Resources Corp.

[{"type":"text","content":"Mammoth Provides Update on Exploration Activities at Its Tenoriba Gold Property, Announces Private Placement Financing and Advises Employing OSC Filing ExemptionToronto, Ontario--(Newsfile Corp. - May 29, 2020) - Mammoth Resources Corp. (TSXV: MTH), (the \"Company\", or \"Mammoth\") is pleased to announce that following a suspension of exploration activities due to COVID-19 related social restrictions, Centerra Gold Inc. (\"Centerra\") personnel have returned to Mammoth's Tenoriba gold-silver property located in the prolific Sierra Madre precious metal belt in southwestern Chihuahua State, Mexico. Mammoth would also like to announce a non brokered private placement (the \"Private Placement\") of up to 3,700,000 shares at an offering price based on the 10-day volume weighted average share price of $0.035 per share. The Company would also like to advise that as granted by OSC, Instrument 51-502 regarding a Temporary Exemption (the \"Exemption\") to Certain Corporate Finance Requirements a result of the coronavirus disease and resulting social restrictions, that the board of directors of Mammoth has found it prudent for the health and safety of its employees to seek a 45-day extension to the filing of its year-end financial statements as granted by this Exemption.Tenoriba Exploration:Following the notice of the Mexican government in late March regarding travel and social restriction measures in response to the threat of the spread of the COVID-19, work ceased on the Tenoriba project. Certain of these restrictions have recently been lifted and Centerra personnel, following all government work guidelines have returned to the project with the intention of recommencing the first half 2020 program of detailed structural, lithologic and alteration mapping and sampling. As results become available from this work Mammoth looks forward to reporting on these results.Private Placement:Mammoth would like to announce a non brokered private placement (the \"Private Placement\") of up to 3,750,000 shares at an offering price based on the 10-day volume weighted average share price of $0.035 per share, for gross proceeds of up to $131,250. Proceeds from this financing are to be used for working capital purposes, including corporate development expenses. Mammoth last completed a capital raise in December 2017. This Private Placement is conducted in ...

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