Mountain Boy Minerals Ltd (TSX-V:MTB, OTCQB:MBYMF) said its previously announced non-brokered private placements of flow-through and non-flow-through units have closed.
The funds will be used primarily for exploration of the company’s Telegraph copper-gold project in British Columbia’s Golden Triangle.
The company said it raised gross proceeds of $1,347,102 from the sale of 10,362,324 flow-through units.
READ: Mountain Boy Minerals to raise up to C$1M in a private placement financing
In addition, it closed a non-brokered private placement of 2,561,667 units at $0.12 per unit for gross proceeds of $307,400.
Mountain Boy CEO Lawrence Roulston said these new funds, added to its existing working capital, put the company in a strong position to continue exploration at its Telegraph property.
“The information gained from this year’s program is being integrated with the wealth of information from previous work to guide us in the next phase of work. Our six other projects in the Golden Triangle are also advancing,” he said.
Mountain Boy Minerals has six active projects spanning 650 square kilometres in the prolific Golden Triangle of northern British Columbia.
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