Mountain Boy Minerals Ltd (TSX-V:MTB, OTCQB:MBYMF) said it has increased its previously-announced, non-brokered private placement to C$1.3 million from C$1.0 million by selling flow-through (FT) units of the company at a price of C$0.17 per FT unit.
Mountain Boy said it intends to use the proceeds of the offering for the exploration of its projects in the prolific Golden Triangle of northern British Colombia.
Each FT unit will consist of one company common share plus one half of one common share purchase warrant, with each warrant entitling the holder to purchase one Mountain Boy Minerals share at a price of C$0.26 for a period of 24 months following the closing date of the offering.
READ: Mountain Boy confirms porphyry copper-gold mineralization, finds high-grade copper on its Telegraph project in British Columbia
The offering is expected to close on December 30, 2021, and Red Cloud Securities Inc will be acting as a finder in connection with the offering.
As well, Mountain Boy has announced an additional non-brokered private placement of company units to raise gross proceeds of $150,000 at a price of $0.17 per unit.
Each unit will consist of one common share plus one half of one common share purchase warrant, entitling the holder to purchase one common share of the company at a price of $0.20 for a period of 24 months following the closing date of the unit offering.
The FT shares, warrant shares and any common shares of the company that are issuable from any finder's warrants will be subject to a hold period of four months and one day following the closing date of the offering in accordance with applicable securities laws.
Mountain Boy Minerals has six active projects spanning 60,398 hectares in British Columbia's prolific Golden Triangle.
Contact Sean at sean@proactiveinvestors.com