23:47:05 EDT Fri 25 Sep 2020
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Mountain Boy Minerals Ltd (2)
Symbol MTB
Shares Issued 36,710,382
Close 2020-06-12 C$ 0.275
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Mountain Boy arranges $2-million private placement

2020-06-15 12:07 ET - News Release

Mr. Lawrence Roulston reports


Mountain Boy Minerals Ltd. plans to raise gross proceeds of $2-million through a non-brokered private placement consisting of units priced of 25 cents per unit and flow-through common shares at a price of 30 cents per common share. The proceeds raised from the financing will be prioritized to the American Creek project.

The American Creek project is located in the highly prospective American Creek corridor of British Columbia's Golden Triangle. The project, which has a rich mining history, is road accessible and only 20 kilometres north of the deepwater sea port of Stewart. Mountain Boy has consolidated a 2,600-hectare property, compiled historic production and exploration information, and has a robust understanding of the geological setting.

Exploration plans

The fully financed phase 1 of the 2020 exploration program begins this month (see news release dated May 27, 2020) and is designed to more precisely define drill targets for phase 2 of the program. The drill program is intended to confirm the geological model that points to district-scale silver-gold potential. The emerging geological model holds that the various mineralized occurrences are surface expressions of a large geological system. That system is interpreted to be analogous to the Premier district, located immediately west of the American Creek property (see news release dated May 21, 2020).

Financing details

Each unit will comprise one common share and one-half of one common share purchase warrant. Each full warrant shall be exercisable to acquire one common share at a price of 40 cents per warrant share for a period of 24 months from the closing of the offering. The gross proceeds from the FT offering of flow-through shares will be invested in eligible exploration expenditures in the province of British Columbia and certain British Columbia residents may be eligible for addition income tax deductions making this offering's shares commonly referred to as superflow-through shares.

All securities will be subject to a four-month hold period from the date of closing. The company may pay finders' fees and insiders may be participating in this offering.

The offering is subject to the approval of the TSX Venture Exchange and applicable laws.

We seek Safe Harbor.

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