MMMRF - Mammoth Announces $600000 Private Placement Financing
(TheNewswire)
Toronto, Canada – TheNewswire - January 12, 2021 - Mammoth Resources Corp.(TSXV:MTH), (OTC:MMMRF), (the “Company”, or “Mammoth”) wouldlike to announce a non brokered private placement (the “PrivatePlacement”) of up to 6,000,000 common shares of the Company at anoffering price of $0.10/share, pricing of which represents a 20%discount from the 5-day volume weighted average share price (VWAP) of$0.13 per share and a 15% discount from the 10-day VWAP of $0.12 pershare of Mammoth shares trading on the TSX Venture Exchange (the"Exchange ").
The use of proceeds from this financingwill be used to primarily fund the Company’s PhD geologist review ofthe Tenoriba project, fund 3D modelling of combined historical IP-Maggeophysical, surface and drill data, an infill IP/Mag geophysicalsurvey on the 60% of the mineralized area on the project not coveredby the historical survey and perform some confirmation mapping andsampling, which Company geologists feel are necessary prior to theselection of drill targets as part of its 50-hole, 7,500 metre drillprogram. This drill program is planned to commence at the end of thecurrent calendar quarter. The Company recently announced receipt ofauthorization to drill up to 139 drill site locations at Tenoriba andhas all surface access permissions to perform all surface work,including the planned drill program.
Thomas Atkins, President and CEO ofMammoth commented on the Private Placement, stating: “We’ve priced this financing where webelieve it should be attractive enough to allow us to quickly raisethe needed funds and soon commence our planned exploration activitiesat Tenoriba. At the offering price, and with the majority of the fundsfrom this financing directed towards this work, Mammoth’s marketcapitalization will still be significantly less than amounts spent atTenoriba. We’re confident the work planned from the proceeds fromthis financing will enhance our ability to select compelling drilltargets over the 5 kilometres of known mineralization at Tenoriba.We’re set to commence this work within days, and indeed a number ofthese activities are already underway, allowing this work to beconcluded in the next couple of months whereby we can begin drillingbefore the end of the first quarter of this year. We look forward toreporting on results form the various exploration activities over thecoming weeks.”
This Private Placement is available toaccredited investors. Securities issued under this Private Placement will be subject to afour-month hold period. In accordance with the requirements of theInvestment Dealer Exemption, the Company confirms there is no materialfact or material change related to the Company which has not beendisclosed. The Private Placement is subject to receipt of all requiredregulatory and Exchange approvals. The Company may pay a finder's feeson a portion of the Private Placement in accordance with applicablesecurities laws and the policies of the TSX VentureExchange.
Anyone interested in participating inthis financing are encouraged to contact Thomas Atkins, President andCEO of Mammoth at: tr_atkins@rogers.com or by telephone at: 416 509-4326.
About MammothResources:
Mammoth Resources (TSX-V: MTH) is aprecious metal mineral exploration Company focused on acquiring anddefining precious metal resources in Mexico and other attractivemining friendly jurisdictions in the Americas. The Company holds a100% interest (subject to a 2% net smelter royalty purchasable anytimewithin two years from commencement of commercial production for US$1.5million) in the 5,333hectare Tenoriba gold property located in theSierra Madre Precious Metal Belt in southwestern Chihuahua State,Mexico. Mammoth is seeking other opportunities to option explorationprojects in the Americas on properties it deems to host above averagepotential for economic concentrations of precious metalsmineralization.
To find out more about Mammoth Resources and to sign upto receive future press releases, please visit the company's website at: www.mammothresources.ca ., or contact Thomas Atkins, President and CEO.
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Forward Looking Information: This news release maycontain or refer to forward-looking information. All information otherthan statements of historical fact that address activities, events ordevelopments that the Company believes, expects or anticipates will ormay occur in the future are forward-looking statements; examplesinclude the listing of its shares on a stock exchange and establishingmineral resources. These forward-looking statements are subject to avariety of risks and uncertainties beyond the Company's ability tocontrol or predict that may cause actual events or results to differmaterially from those discussed in such forward-looking statements.Any forward-looking statement speaks only as of the date on which itis made and, except as may be required by applicable securities laws,the Company disclaims any intent or obligation to update anyforward-looking statement, whether as a result of new information,future events or results or otherwise. Although the Company believesthat the assumptions inherent in the forward-looking statements arereasonable, forward-looking statements are not guarantees of futureperformance and, accordingly, undue reliance should not be placed onthese forward-looking statements due to the inherent uncertaintytherein.
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