Mineral Mountain Announces Update to Financing Transaction
February 27 2014 - 4:29PM
Marketwired
Mineral Mountain Announces Update to Financing Transaction
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 27, 2014) -
Mineral Mountain Resources Ltd. ("Mineral Mountain")
(TSX-VENTURE:MMV)(OTCQX:MNRLF) announces that further to the news
release of November 6, 2013 and January 21, 2014, Global Resources
Investment Ltd. ("GRIT") has informed Mineral Mountain that it is
now in the closing process and is now targeting admission to the
London Stock Exchange on or before March 6, 2014.
Pursuant to the terms of the share exchange agreement Mineral
Mountain will issue and deliver to GRIT 28,600,000 common shares at
a deemed price of $0.07 per share (which would result in GRIT
holding approximately 19.94% of Mineral Mountain's common shares
post-closing). GRIT would issue and deliver to Mineral Mountain
1,121,128 ordinary shares at the same deemed price of £1.00 per
share (the "GRIT Shares"). Mineral Mountain would then endeavor to
sell the GRIT Shares to realize cash proceeds
Closing of the transaction remains subject to a number of
conditions precedent, including receipt of acceptance for filing
from the TSX Venture Exchange ("TSXV") and GRIT successfully
listing on the London Stock Exchange.
In connection with the transaction, Mineral Mountain has agreed
to pay to certain arm's length individuals a finder's fee
consisting of Mineral Mountain shares in accordance with the
policies of the TSXV and subject to receipt of TSXV approval.
On Behalf of the Board of Directors
MINERAL MOUNTAIN
RESOURCES LTD.
Nelson W.
Baker, President and CEO
Reader Advisory
Neither TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This release includes certain statements that may be deemed
to be "forward-looking information" under Canadian securities laws.
All statements in this release, other than statements of historical
facts, that address events or developments that Mineral Mountain
expects to occur, constitute forward looking-information.
Forward-looking information consists of statements that are not
historical facts and are generally, but not always, identified by
the words "expects", "plans", "could" or "should" occur. Although
Mineral Mountain believes the expectations expressed in such
forward-looking information are based on reasonable assumptions,
such information does not constitute guarantees of future
performance and actual results may differ materially from those in
forward-looking information. Factors that cause the actual results
to differ materially from those in forward-looking information
include the ability of GRIT to complete its stock exchange listing,
the ability for Mineral Mountain to resell its shares of GRIT, gold
prices, results of exploration and development activities,
regulatory changes, defects in title, availability of materials and
equipment, timeliness of government approvals, continued
availability of capital and financing and general economic, market
or business conditions. Mineral Mountain cautions the foregoing
list of important factors is not exhaustive. Investors and others
who base themselves on Mineral Mountain's forward-looking
information should carefully consider the above factors as well as
the uncertainties they represent and the risk they entail. Mineral
Mountain believes that the expectations reflected in the
forward-looking information are reasonable, but no assurance can be
given that these expectations will prove to be correct. Please see
the public filings of Mineral Mountain at www.sedar.com for further
information.
Mineral Mountain Resources Ltd.Brad BakerVice-President
Corporate Development & Director(778)
383-3975bbaker@mineralmtn.comwww.mineralmtn.com
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