Mr. Nelson Baker reports
MINERAL MOUNTAIN ANNOUNCES UPDATE TO FINANCING TRANSACTION
Mineral Mountain Resources Ltd., further to the news release of Nov. 6, 2013, and Jan. 21, 2014, has been informed by Global Resources Investment Ltd. 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 28.6 million common shares at a deemed price of seven cents per share (which would result in GRIT holding approximately 19.94 per cent of Mineral Mountain's common shares postclosing). GRIT would issue and deliver to Mineral Mountain 1,121,128 ordinary shares at the same deemed price of one British pound per share. Mineral Mountain would then endeavour 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 and GRIT successfully listing on the LSE.
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 TSX-V and subject to receipt of TSX-V approval.
We seek Safe Harbor.
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