Mountain Boy Minerals Ltd (TSX-V:MTB, OTCQB:MBYMF) has announced that its non-brokered private placement of flow-through units, raising gross proceeds of $500,000 was over-subscribed and has been increased to $626,000.
Each flow-through unit will consist of one common and one common share purchase flow-through warrant. The price of each unit is $0.12 and each warrant entitles the holder to purchase one common share at a price of $0.18 for a period of 29 months following the closing date of the offering.
Mountain Boy also said it has arranged a non-brokered private placement of units at $0.12 per unit for gross proceeds of $119,880. Each unit will consist of one common share and one common share purchase warrant. Each unit warrant will entitle the holder to purchase one common share at $0.12 for a period of 24 months following the closing date of the unit offering.
READ: Mountain Boy updates on field work at its Telegraph project in British Columbia's Golden Triangle
The company said a finder's fee of 7% cash and 7% finder's warrants will be payable to certain finders.
The closings of the FT and unit offerings are subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange. All securities to be issued will be subject to a hold period of four months and one day following the closing dates in accordance with applicable securities laws.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or any US state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the US Securities Act and applicable US state securities laws.
Mountain Boy Minerals has six active projects spanning 650 square kilometres (64,960 hectares) in the prolific Golden Triangle of northern British Columbia.
Contact the author at jon.hopkins@proactiveinvestors.com