Toronto, Canada (September 6, 2016) - Mammoth Resources Corp. (TSX-V: MTH) is pleased to announce that it has raised $202,500 in gross proceeds issuing 10,125,000 units of the Company (the "Units") through a non-brokered private placement previously announced on August 2, 2016 at $100,000 and then increased to $170,000 in a press release announced August 8, 2016. The private placement was at an offering price of $0.02 per Unit, each Unit consists of one common share of the Company (a "Common Share") and one common share purchase warrant (the "Warrant"). Each Warrant will entitle the holder thereof to acquire one Common Share until two years following closing of the private placement, at an exercise price of $0.05.
The gross proceeds of the Private Placement will be used to advance the Company's Tenoriba precious metal project in the prolific Sierra Madre region of Chihuahua State, Mexico and payment of property taxes, for which if paid has the potential to significantly reduce property payments to the vendors. As a result of the oversubscription to the Private Placement, the company sought TSX Venture Exchange approval for such oversubscription.
The Private Placement was conducted in reliance upon British Columbia Instrument 45-534 (the "Instrument"), which permits an issuer to distribute securities to its existing shareholders, subject to the terms of the instrument. The Company set June14, 2016, as the record date for the purpose of determining existing shareholders of the Company who are entitled to purchase Units under the Private Placement.
The Private Placement was subject to TSX Venture Exchange approval and the pricing of this Private Placement was granted under the Venture Exchange Discretionary Waiver Bulletin. The securities issued pursuant to the Private Placement will be subject to a four-month hold period. A finders' fees of $2,280 in cash and the issuance of 142,000 shares were paid on this Private Placement.
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.