December 31, 2021
Vancouver, B.C. – Mountain Boy Minerals Ltd. (“Mountain Boy” or the “Company”) (TSX.V: MTB, OTCQB: MBYMF, Frankfurt: M9U) is pleased to announce that the non-brokered private placements for Flow Through and Non-Flow Through Units totalling $1.4 million, as announced on December 16th and increased on December 22nd, have been closed. The funds will be used primarily for exploration on Mountain Boy’s properties in the Golden Triangle of British Columbia.
Lawrence Roulston stated: “These new funds, added to the existing working capital, puts Mountain Boy in a strong position to continue an aggressive exploration program across our six Golden Triangle properties. Even though we don’t have geologists in the field at this time, there is still an enormous amount of work underway. The geological team, in cooperation with some top research groups, continues to extract scientific information from the samples taken during the past field season and to integrate that new information with the wealth of information generated previously. We expect to have a great deal more information in hand as a basis for planning the next field season.”
Flow Through Offering
Mountain Boy raised gross proceeds of $1,289,800 from the sale 7,587,057 FT Units. Each FT Unit consists of one common share of the Company to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “FT Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). The price of each FT Unit is $0.17. Each Warrant will entitle the holder thereof to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.26 for a period of 24 months.
Red Cloud Securities Inc. acted as a finder in connection with the Flow Through Offering.
Non-Flow through Offering
In addition, Mountain Boy also closed a non-brokered private placement of units (“Units”) at $0.17 per Unit for gross proceeds of $150,000 with a strategic investor. Each Unit will consist of one common share and one half of one common share purchase warrant. Each unit warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.20 for a period of 24 months following the closing date of the Unit Offering.