Toronto, Canada (July 15, 2013) - Mammoth Resources Corp. (TSX-V: MTH) would like to announce the re-pricing of its previously announced non-brokered private placement financing for up to 7,000,000 units of the company (the "Units") at a price of $0.07 per Unit to raise gross proceeds of up to $490,000, announced June 13, 2013.
To date the Company has received subscriptions for total proceeds of $107,120, however given the challenging capital market situation for all mineral resource companies the company's board of directors in recognition of these conditions has decided to reduce the previous announced pricing of this financing to include up to 10,000,000 units of the company (the "Units") at a price of $0.05 per Unit to raise gross proceeds of up to $500,000. Each Unit will be comprised of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to acquire an additional common share of the Company for a period of 24 months from the date of issue at a price of $0.08 per common share.
The Company may pay a finder's fee on all or a portion of the private placement. The Company intends to use the proceeds from the private placement for exploration expenditures on its Tenoriba property located in the Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico (refer to the Company's web site www.mammothresources.ca, for a detailed location map) and for general working capital purposes.
The private placement is subject to the approval of the TSX Venture exchange. All securities issued pursuant to the private placement will be subject to a statutory hold period of four months and one day.
About Mammoth Resources:
Mammoth Resources (TSX-V: MTH) is a mineral exploration company focused on acquiring and defining precious metal resources in Mexico and other attractive mining friendly jurisdictions in the Americas. The Company has an option to acquire 100% in the Tenoriba Property located in the Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico. The company continues to seek other option agreements in the Americas on other properties it deems to host above average potential for economic concentrations of precious metals mineralization.
To find out more about Mammoth Resources and to sign up to receive future press releases, please visit the Company's website at www.mammothresources.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information: This news release may contain or refer to forward-looking information. All information other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements; examples include the listing of its shares on a stock exchange and establishing mineral resources. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict that may cause actual events or results to differ materially from those discussed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be placed on these forward-looking statements due to the inherent uncertainty therein.
For further information please contact:
President & CEO
Image 1 - Sample Location Map, Fourth Campaign, Tenoriba Project, Mexico
Image 2 - Photo of Vuggy Silica Sample
Table 2 - Samples Grading Above 0.3 gpt Gold Equivalent, Fourth Exploration Campaign