MMMRF - Mammoth Increases Recently Announced $2.0 Million Private Placement Financing
(TheNewswire)
Toronto, Canada – TheNewswire - May 26, 2021 - Mammoth Resources Corp.(TSXV:MTH), (OTC:MMMRF), (the “Company”, or “Mammoth”) ispleased to announce that its previously announced non brokered privateplacement financing (the “Private Placement”) announced May 25,2021, comprising up to 14,300,000 units (the “Units”) at a priceof $0.14 per Unit for gross proceeds of $2,002,000 has beenenthusiastically subscribed by investors and as such the Company hasdecided it will increase the size of this private placement to up to18,482,600 Units, at the same terms as previously announced, for grossproceeds of up to $2,587,564.
Thomas Atkins, President and CEO ofMammoth commented on the increase in the size of the PrivatePlacement, stating: “Withoverwhelming enthusiasm and demand for this placement and after takinginto account such demand the Company believes it’s prudent toincrease the amount of this issuance, under the same terms as thepreviously announced private placement. Mammoth believes this increasestrikes a balance between dilution and having access to the capital toadvance exploration at Tenoriba. Even having increased the placementto this size, the Company unfortunately cannot meet all demand. Onbehalf of the Company I apologize to those who would like toparticipate in this financing but due to timing of their ordersrelative to the high demand, and attempting to balance dilution withthis demand, the Company is faced with the difficult decision ofhaving to decline their interest.”
Proceeds from this Private Placementwill be used primarily to fund diamond drilling on the Company’s100% owned Tenoriba gold-silver, with copper high sulphidation projectin the prolific Sierra Madre precious metal belt, Mexico. This drillprogram is planned to commence within weeks of the closing of thisPrivate Placement.
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.
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 5,333 hectare 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.
find out more about Mammoth Resources and to sign up toreceive 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 ofthe date on which it is made and, except as may be required byapplicable securities laws, the Company disclaims any intent orobligation to update any forward-looking statement, whether as aresult of new information, future events or results or otherwise.Although the Company believes that the assumptions inherent in theforward-looking statements are reasonable, forward-looking statementsare not guarantees of future performance and, accordingly, unduereliance should not be placed on these forward-looking statements dueto the inherent uncertainty therein.
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