Mountain Boy Minerals Ltd (TSX-V:MTB, OTCQB:MBYMF) announced that it intends to raise gross proceeds of up to C$1 million by issuing a combination of flow-through (FT) units, at a price of C$0.13 per FT unit, and non-flow through company units at a price of C$0.12 per unit.
The company said it intends to use the proceeds of the offering for the exploration of its projects in British Columbia’s prolific Golden Triangle region.
Each FT and non-FT unit will consist of one Mountain Boy common share plus one common share purchase warrant, with each warrant entitling the holder to purchase one company common share at a price of C$0.18 for a period of 24 months following the issue date.
READ: Mountain Boy Minerals says recent geophysical work at Telegraph project underlines district-scale porphyry potential
Mountain Boy noted that Red Cloud Securities Inc will be acting as a finder in connection with the offering.
The company added that the closing of the offering is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange, and finder's fees will be payable in accordance with the policies of the TSX Venture Exchange.
All securities issued will be subject to a hold period ending on the date that is four months plus one day following the issue date in accordance with applicable securities laws.
Mountain Boy has six active projects spanning 650 square kilometres in the prolific Golden Triangle region of northern British Columbia. Its Telegraph project lies 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 (Newcrest - Imperial Metals).
Contact Sean at sean@proactiveinvestors.com