Vancouver, British Columbia–(Newsfile Corp. – Aug. 26, 2022) – Mountain Boy Minerals Ltd.(TSXV: MTB) (OTCQB: MBYMF) (FSE: M9UA) (“mountain boy“or the”Company“) is pleased to announce that the non-brokered private placements for flow-through and non-flow-through units, as announced on August 8e and increased on August 23rd, were closed. The funds will be used primarily for exploration on Mountain Boy’s Telegraph property in British Columbia’s Golden Triangle.
Lawrence Roulston, CEO, said, “These new funds, together with existing working capital, place Mountain Boy in a strong position to continue exploration on our Telegraph copper-gold property. The insights gained through this year’s program will be integrated with the wealth of information from previous work to guide us through the next phase of work.”
Mountain Boy raised gross proceeds of $701,000 from the sale of 5,841,667 flow-through units (the “FT units“). Each FT Unit consists of one common share of the Company to be issued as a “flow-through share” within the meaning of income tax law (Canada) (each, one “FT Sharing“) and one common share purchase warrant (each whole warrant, one “Mandate FT“). The price of each FT unit is $0.12. Each FT warrant will entitle its holder to purchase one common share of the Company at a price of $0.18 for a period of 29 months, expiring on January 26, 2025.
In addition, Mountain Boy also closed a non-brokered private placement of 582,000 units (“Units“) at $0.12 per unit for gross proceeds of $69,840. Each unit consists of one common share and one common share purchase warrant (one “To guarantee“). Each warrant will entitle its holder to purchase one common share of the Company at a price of $0.12 for a period of 24 months, expiring on August 26, 2024.
A finder’s fee of 7% in cash and 7% in warrants was paid to eligible parties. All securities are subject to a four-month hold period expiring on December 27, 2022.
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Law“) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the US Securities Act and applicable US securities laws This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
About Mountain Boy Minerals
Mountain Boy has six active projects covering 650 square kilometers (64,960 hectares) in the prolific Golden Triangle of northern British Columbia.
- The American Creek project is centered on the historic Mountain Boy silver mine and is just north of the former Red Cliff gold and copper mine (in which the Company has an interest). The American Creek project is accessible by road and 20 km from the deep water port of Stewart.
- On the BA property, 182 drill holes delineated a significant zone of silver-lead-zinc mineralization located 4 km from the highway.
- Surprise Creek is interpreted to be hosted by the same prospective stratigraphy as the BA property and hosts multiple occurrences of silver, gold and base metals.
- At the Theia project, work by Mountain Boy and previous explorers has defined a 500-meter-long silver mineralized trend, evidenced by a 2020 grab sample that returned 39 kg per tonne of silver (1,100 oz. per ton).
- Southmore sits in the middle of some of the largest deposits in the Golden Triangle. It was explored in the 1980s through the early 1990s and was neglected until Mountain Boy consolidated the property and confirmed the presence of multiple occurrences of gold, copper, lead and zinc.
- An active field program is currently underway on the Telegraph project. The 289 square kilometer Telegraph Project is located near several large porphyry deposits, including Galore Creek (Teck – Newmont), Schaft Creek (Teck – Copper Fox), Big Red (Libero Copper and Gold), Saddle and Saddle North ( Newmont) and the operating Red Chris copper-gold mine (Imperial Metals – Newcrest).
On behalf of the Board of Directors:
President and CEO
For more information, contact:
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE .
This press release may contain certain “forward-looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied. understood by the forward-looking statements. . Any forward-looking statement speaks only as of the date of this press release and, except as required by applicable securities laws, the Company disclaims any intention or obligation to update any forward-looking statement, whether as a result of future or other new information, events or results.
Not for distribution to United States news services or dissemination in the United States
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135114