MMMRF - Mammoth Resources to raise C$2M in private placement financing

Mammoth Resources (MMMRF) announces a non-brokered private placement financing to issue 14.3M units at C$0.14 per share.The gross proceeds will be C$2M.Each unit comprises of one common stock and one warrant to purchase one additional share at $0.21 within a period of 18 months. The company says "Proceeds from this private placement will be used primarily to fund diamond drilling on the its 100% owned Tenoriba gold-silver, with copper high sulphidation project in the prolific Sierra Madre precious metal belt, Mexico."Mammoth Resources' current market capitalization sits at around $5.7M. Press Release

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Mammoth Resources to raise C$2M in private placement financing