Mineral Mountain Announces Update to Financing Transaction
January 21 2014 - 2:01PM
Marketwired
Mineral Mountain Announces Update to Financing Transaction
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 21, 2014) -
Mineral Mountain Resources Ltd. ("Mineral Mountain")
(TSX-VENTURE:MMV)(OTCQX:MNRLF) announces that it has agreed to
amend the terms of the share exchange financing transaction with
Global Resources Investment Ltd. announced in our press release of
November 6, 2013 (the "November 6, 2013 Press Release").
As announced in the November 6, 2013 Press Release, Mineral
Mountain will issue and deliver to Global Resources Investment
Trust Plc. ("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). Due to
the decline in the value of the Canadian dollar from November 2013
to present, instead of issuing 1,205,733 ordinary shares at a
deemed price of £1.00 per share, 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 on the above amended terms 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.
About Mineral Mountain and the Holy Terror Project
Mineral, through its wholly owned subsidiary Mineral Mountain
Resources (SD) Inc., is focused on the exploration and, if
warranted, development of its key asset, the Holy Terror Project in
the Keystone Mining district in the southeastern part of the Black
Hills of South Dakota. The Holy Terror Project is centered along
the southwestern extension of the Homestake Gold Trend and covers
approximately 4000 acres straddling a major gold bearing structural
corridor measuring about 15 km in strike length and 1.5 km in
width. The Keystone District contains historic gold mines, eight of
which occur within the Holy Terror Project. Production of these
mines came from early Proterozoic gold mineralization associated
with iron formation, and shear zones similar to the deposits at the
former Homestake gold mine which, over 120 years produced 40
million ounces of gold in the northern Black Hills. The Holy Terror
Project is very well located near Rapid City where it can be easily
accessed by a network of roads and has hydro-electricity and modern
internet services to the drill site. As well, the area has a
skilled labour force and is a low cost exploration area. South
Dakota has low political risk and a jurisdiction that embraces
mineral development.
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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