Nov 17, 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, announced on November 13th, 2020, consisting of flow-through units (the “Units”) at a price of $0.532 per Unit (the “Offering”) is now closed.
Each Unit is 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. The securities issued by the Company in this financing are subject to a statutory 4-month hold period which expires on March 17, 2021.
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 for exploration expenditures, including work on the Company’s American Creek property located in the Golden Triangle of British Columbia. These expenditures will qualify as “Canadian exploration expenses” as defined in the Income Tax Act which will be renounced to the initial purchasers of the Flow Through Shares. .