Nov 13, 2020 | 2020
Vancouver, BC – Mountain Boy Minerals Ltd. (“Mountain Boy” or the “Company”) (TSX.V: MTB; Frankfurt: M9UA) announces a non-brokered private placement offering of $1,675,800 consisting of flow-through units (the “Units”) at a price of $0.532 per Unit (the “Offering”).
Each Unit will be comprised of one flow through Common Share and one-half of one Common Share Purchase Warrant (“Warrant”). Each Warrant shall be exercisable to acquire one Common Share (“Warrant Share”) at a price of $0.60 per Warrant Share for a period of 36 months from the closing of the Offering.
Flow Through Common Shares issued under the Offering qualify as “flow through shares” (“Flow Through Shares”). The gross proceeds from the Offering will be used to incur “Canadian exploration expenses” that will qualify as “flow through mining expenditures” as those terms are defined in the Income Tax Act which will be renounced to the initial purchasers of the Flow Through Shares. The net proceeds of the Offering will be used for exploration expenditures, including work on the Company’s American Creek property located in the Golden Triangle of British Columbia.
A cash finder’s fee of $72,000 will be paid to the finder. Closing of the Offering is subject to approval of the TSX Venture Exchange. Securities issued in the Offering are subject to a statutory hold period of four months.